Vegetable oil imports up 28% in February
India’s vegetable imports in February escalated by 28% as inbound shipments of edible oil grew up by a record margin. Last month, India imported 1.11 million tonnes of vegetable oil, comprising of 1.10 million tonnes of edible oils and 16.50 thousand tonnes of non-edible oils, as compared to 868. 17 thousand tonnes imported in February 2015. “The overall import of vegetable oils during first four months of the current oil year 2015-16, November 2015 – February 2016 is reported at 5.1 million tonnes compared to 4.30 million tonnes, up by 19%,” the Solvent Extractors’ Association said in a statement. During November 2015 – February 2016, import of RBD Palmolein (refined oil) surged to 789.06 thousand tonnes from 253.78 thousand tonnes during the corresponding period of last year. On the other hand, import of crude oil grew up marginally to 4.30 million tonnes from 3.94 million tonnes during the similar period of last year. Palm Oil imports, too, increased marginally to 2.96 million tonnes from 2.80 million tonnes during the period, while, soft oils import increased sharply to 2.13 million tonnes from 1.40 million tonnes last year. Non-edible oils import during the first four months of the current oil year was 35.45 thousand tonnes compared to 92.28 thousand tonnes during the corresponding period of last year. Current stock of edible oils in the country as on March 2016 at various ports is estimated to be 910 thousand tonnes – crude palm oil (CPO) 330 thousand tonnes, RBD palmolein 170 thousand tonnes, degummed soybean oil 320 thousand tonnes, crude sunflower oil 70 thousand tonnes and rapeseed (canola oil) 20 thousand tonnes, and in the pipeline 1.45 million tonnes. The overall stock at various ports and in the pipelines fell to 2.36 million tonnes in February 2016 from 2.45 million tonnes in February last year. India requires about 16.5 lakh tonnes of vegetable oil per month and at 30 days stock. Currently, the country is holding over 23.60 tonnes of vegetable oil, equal to the requirements of 43 days. As on March 1, 2016 the overall stock has gone up by 350 thousand tonnes as compared to March 1, 2015.
March 14, 2016 | 06:05pm IST