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Vegetable oils’ import jumps 67% to 7.27 lakh tonnes in March 2012

14 Apr 2012 Evaluate

India’s vegetable oils import during March 2012 has surged 67% to 7.27 lakh tonnes as compared to 4.35 lakh tonnes in March 2011, consisting of 7.02 lakh tonnes of edible oils and 0.25 lakh tonnes of non-edible oils. Earlier in February 2012, India’s vegetable oil imports rose by 59% in February to 8.75 lakh tonnes against 5.50 lakh tonnes in the year-ago period.

Import of vegetable oils  -- edible and non-edible oil -- by India during Nov-Mar 2011-12 is reported at 37.89 lakh tonnes which is a 21% increase compared to 31.28 lakh tonnes in the same period previous oil year (Nov-Oct). In the first five months of the 2011-2012 oil year, import of edible oil rose to 37.05 lakh tonnes from 30.24 lakh tonnes in the year ago period, while that of non-edible oils fell to 0.84 lakh tonnes from 1.03 lakh tonnes in the same period.

In addition, the import of refined oil (RBD Palmolein) has soared by 78% at 8.21 lakh tonnes during Nov-Mar 2011-12 as compared to 4.61 lakh tonnes during the same period last year. Share of refined oil has increased to 21%, while crude oil has decreased by 79% and stands at 28.83 lakh tonnes compared to 25.63 lakh tonnes during the corresponding period of the previous year.

India imports about 50% of domestic requirement. The country imports palm oil from Indonesia and Malaysia, while soyabean oil is imported from Brazil and Argentina. Over 8.67 million tonnes of vegetable oils were imported in 2010-11 oil year. At present, there is zero duty on imports of crude edible oils, but import of refined edible oils attracts 7.5% custom duty. 

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