India’s veg oil imports up 19% in Nov15-Mar16

India’s vegetable oil imports increased by 19% to 51.25 lakh tonnes in the first four months of oil year 2015-16.

The Dollar Business Bureau 

India’s vegetable oil imports increased by 19% to 51.25 lakh tonnes in the first four months of oil year 2015-16 from 42.95 lakh tonnes in the same period of last year, according to the Solvent Extractors’ Association of India (SEA) data. 

In February 2016, the imports of vegetable oils grew by 28% to 11.11 lakh tonnes, consisting of 10.94 lakh tonnes of edible oils and 16.50 thousand tonnes of non-edible oils, from 8.68 lakh tonnes a year ago. 

“Current stock of edible oils as on March 1, 2016 at various ports is estimated to be at 9.10 lakh tonnes (crude palm oil 3.30 lakh tonnes, RBD palmolein 1.70 lakh tonnes, degummed soybean oil 3.20 lakh tonnes, crude sunflower oil 70 thousand tonnes and 20 thousand tonnes of rapeseed (canola oil) and about 14.50 lakh tonnes in pipelines,” SEA said in a press release. 

India’s monthly requirement of edible oil is 16.5 lakh tonnes and operates at 30 days stock. It is currently holding over 23.60 lakh tonnes in stock, equal to 43 days requirements. The overall stock increased by 350,000 tonnes on March 1, 2016 as compared to the same month of 2015. 

The imports of refined oil increased to 7.90 lakh tonnes in November - February 2015-16 from 2.54 lakh tonnes during the same period of 2014-15, while import of crude oil increased to 43 lakh tonnes from 39.50 lakh tonnes during the period. 

The import of palm oil has risen to 29.60 lakh tonnes in November –February 2015-16 from 28.04 lakh tonnes during the corresponding period of last year.

The Dollar Business Bureau - Apr 16, 2016 12:00 IST