Vegetable oil imports surge by over 59% in Feb

15 Mar 2012 Evaluate

As per Solvent Extractors’ Association of India (SEA) data, the country’s vegetable oil imports surged by 59.09% in February to 8.75 lakh tonnes against 5.50 lakh tonnes in the year-ago period. In the current oil year (November to October), during the period November-February, import of vegetable oil including edible oil and non-edible oil moved up by 13.63% to 30.6 lakh tonnes compared with 26.93 lakh tonnes in the same period of the 2010-11 oil year.

India imports about 50 per cent of domestic requirement. In the first four months of the fiscal 2011-12 oil year, import of edible oil rose by 14.89% to 30.02 lakh tonnes from 26.13 lakh tonnes, while that of non-edible oil fell by 27.10% to 58,519 tonnes from 80,275 tonnes. Import of RBD palmolein (Refined Bleached Deoderised) has surged by 300% due to low export duty on refined edible oil and high export duty on crude palm oil (CPO). Mainly due to lower duty on RBD palmolein of 8% and higher duty on CPO of 16.5% introduced by the Indonesian Government, in February 2012, import of RBD palmolein shoot up to over 3 lakh tonnes from an average of 1.1 lakh tonnes in earlier three months. SEA is expecting the situation to remain same unless India takes some corrective steps including change of tariff value and raising the import duty on refined oils.

Over 8.67 million tonnes of vegetable oil was imported in 2010-11 oil year. At present, there is zero duty on imports of crude edible oil, but import of refined edible oil attracts 7.5 per cent Custom duty.

As far as exports are concerned, export of oilmeals for the month of February 2012 declined by 30.97% to 485,564 tonnes compared to 703,400 tonnes in February 2011. The export of oilmeals during April 2011 to February 2012 is reported at 4,904,111 tonnes compared to 4,491,872 tonnes during the same period of last year i.e. up by 9%,

The country imports palm oil from Indonesia and Malaysia, soyabean oil is imported from Brazil and Argentina, while Japan, Vietnam, South Korea and China are the major importers of Oilmeals.

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