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  3. Vegetable oils imports surge 7% in February: SEA

Vegetable oils imports surge 7% in February: SEA

18 Mar 2019 Evaluate

The Solvent Extractors' Association of India (SEA) in its latest report has showed that vegetable oils (edible and non-edible) imports surged 7.39% to 1,242,533 tons in the month of February 2019, as compared to 1,157,044 tons in February 2018, on sharp rise in shipments of refined palm oil. Of the total imports, edible oils were 1,182,062 tons and non-edible oils stood at 60,471 tons. Besides, the overall import of vegetable oils during November 2018 to February 2019 was at 4,862,849 tons compared to 4,785,778 tons, registering a growth of 1.61%, on the back of higher import duty.

Ministry of Finance with effect from January 01, 2019 reduced import duty on palm oil and also reduced the duty difference between crude and palm oil from 10% to 5% on palmolein to be imported from Malaysia. This has resulted into sharp increased in import of RBD Palmolein and nearly doubled to 241,101 tons in February 2019 from 130,459 tons in December last year, up by 85% at the cost of reduced import of CPO. This is likely to increase in coming months considering the shipments lined up from Malaysia for export of RBD Palmolein to India.

During November 2018 to February 2019, import of refined oil (RBD Palmolein) increased to 647,900 tons from 607,359 tons in same period of last year. However, import of crude oil decreased to 3,963,912 tons from 4,048,091 tons during the same period of last year. Palm Oil import has marginally increased to 3,070,466 tons in the four months, from 3,034,514 tons in the same period of last year. However Soft Oils import decreased to 1,541,346 tons from 1,620,936 tons in the same period of last year. Import of Non-edible oils stood at 251,037 tons compared to 130,328 tons during the same period last year, up by 93%.

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