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Vegetable oil imports decline 27% to 1.1MT in July: SEA

17 Aug 2018 Evaluate

With hike in import duty and rupee depreciation, the Solvent Extractors’ Association of India (SEA) has said that vegetable oils imports declined 27% in July 2018 to over 11,19,538 tonne, as compared to import of 15,24,724 tonne of vegetable oils (comprising both edible and non-edible oils) in the year ago period.

The data showed that edible oil imports slipped to 1.05 million tonne (MT) in July from 1.48 MT in the same month last year. Out of total imports last month, 52% was palm oil and 42% soft oils like soyabean and sunflower oil. However, imports of non-edible oils rose to 65,825 tonne from 35,597 tonne during the period under review.

In the first nine months of the current oil year 2017-18 ending October, import of vegetable oils declined 5.5% to 10.76 MT compared to 11.39 MT during the year ago period. Edible oil imports fell to 10.45 MT during November 2017-July 2018 period from 11.10 MT in the corresponding period of the 2016-17 oil year. Of total cooking oils import, palm oil shipments contributed 59%. However, imports of non-edible oil rose to 3,11,587 tonne in the first nine months of 2017-18 oil year from 2,87,201 tonne in the year ago period.

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