Import of vegetable oils (edible & non-edible) during May 2015 witnessed a record tonnage of 1,371,662 tonnes since import started in 1994, up by 33%, compared to 1,033,550 tonnes in May 2014, as per data compiled by the Solvent Extractors’ Association of India. This 1,371,662 tonnes consists of 1,358,688 tonnes of edible oils and 12,974 tonnes of non-edible oils. The overall import of vegetable oils during November’14 to May ’15 is reported at 7,833,524 tonnes compared to 6,198,541 tonnes i.e. up by 26%.
Due to nil export duty on palm products since October’14 by Indonesia and Malaysia (except April’15) and reduced demand of CPO for bio diesel, pushed the export of palm products to India to reduce burgeoning stock held by the exporting countries viz. Indonesian and Malaysia. May’15 also witnessed record import of RBD Palmolein by India at 2.75 lakh tonnes, highest in any single month since March’13 (3.73 lakh tonnes) & June’13 (2.96 lakh tonnes) seriously affecting capacity utilization of domestic refiners.
Also, due to high prices of soybean and lesser realization for oil and soybean meal in export market, resulted in lower crushing and lesser oil availability in domestic market, resulted in to higher import of soybean oil and sunflower seed oil.