Vegetable oil imports decline by 25% in May
The Dollar Business Bureau
India’s overall vegetable oil imports dropped, for the first time since November 2013, in May 2016.
The vegetable oil import declined to 1,024,878 tonnes, which is 25% lower than the registered imports of May 2015.
According to monthly records, the total vegetable oil imports of May 2016 declined by 2, 00,000 tonnes from 1,248,887 tonnes recorded in April 2016, reveals the data gathered by Solvent Extractors’ Association of India. The fall in imports is attributed to low demand and availability of cheap alternate edible oils.
The gap between the prices of refined Soya oil and refined palm oil declined to Rs 25/10kg against Rs. 100.
The low prices, easy availability of local oils reduced the imports, believe traders.
While the plentiful availability of cottonseed oil and Soya oil pushed the supply parameter forward, the demand plummeted due to soaring summer temperatures, claim trade sources.
SEA data pointed out that the total import of vegetable oil in the first seven months of the oil year 2015-2016 was 8,593,587 tonnes.
Meanwhile, the total stock in pipeline and in ports also plunged to 2,330,000 tonnes from previous month.