India’s soyabean oil imports have touched an all-time high of 4.06 lakh tonnes (LT) in August, as per data compiled by Solvent Extractors Association (SEA). The total inward shipment of vegetable oil in the same month has increased by 3% to 13.74 LT. The cost of soyabean oil has declined to $699 per tonne in August this year compared to $897 per tonne in the same month last year.
The total import of vegetable oils during August 2015 is reported at 13.74 LT compared with 13.33 LT in the same month last year. Out of the total vegetable oil imported, edible oil constituted 13.64 LT while non-edible oil comprises 9,477 tonnes. The overall import of vegetable oils during November- August period rose by 23% to 117.25 LT as against 95.25 LT in the same period last year.
India meets 60% of its annual vegetable oil demand of 17-18 MT through imports. Palm oils make up over 70% of the country’s total vegetable oil imports.