India’s Vegetable oil import rose 7% in December amid continuous dumping from surplus countries like Indonesia and Malaysia on nil export duty. Data showed that India's total import of Vegetable oil at 1.14 million tonnes in December 2014 as compared to 1.07 million tonnes in the corresponding month last year.
The overall import of vegetable oils is reported 16% growth at 2.33 million tonnes during November - December 2014 as compared to 2.01 million tonnes in same period of last year.
In last three months, due to nil export duty on palm products by Indonesia and Malaysia and reduced demand of crude palm oil for bio diesel, pushed the export of palm products to India to reduce burgeoning stock held by the exporting countries. Also, due to high prices of soybean and lesser realization for oil and soybean meal in export market, resulted in lower crushing and availability of domestic oil.