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  3. Vegetable oils import rises by 5% in August

Vegetable oils import rises by 5% in August

17 Sep 2019 Evaluate

The Solvent Extractors' Association of India in its latest report has showed that import of vegetable oils (edible & non-edible) increased by 5% to 1,586,514 tons in the month of August 2019, compared to 1,512,597 tons in August 2018. Out of the total vegetable oils import, 1,523,261 tons were edible oils and 63,253 tons were non-edible oils. The overall import of vegetable oils during November 2018 to August 2019 stood at 12,867,486 tons compared to 12,278,673 tons during the same period of last year, up by 5%.

As per the data, the stocks of edible oils as on September 01, 2019, at various ports is estimated at 882,000 tons. Besides, import of refined oil (RBD Palmolein) increased to 2,348,086 tons during November 2018 - August 2019, from 1,754,236 tons in same period of last year i.e. up by 34%, however, import of crude oils decreased and reported at 9,978,952 tons from 10,165,847 tons during the same period of last year. Palm Oil import has increased to 7,750,733 tons during November 2018-July 2019 from 7,028,797 tons during the same period of last year, due to higher import of RBD Palmolein. During the same period Soft Oils import decreased to 4,576,305 tons from 4,891,286 tons during the same period of last year.

During the last few months, due to duty advantage given to Malaysia for Palmolein under India-Malaysia CECA Agreement, the country flooded with RBD Palmolein from Malaysia following reduction of duty difference from 10% to 5% between CPO and Palmolein sourced from Malaysia w.e.f. January 01, 2019 and import of RBD Palmolein jumped by 727% during Jan -June'19 (1,566,313 MT) compared to same period of Jan -June'18 (189,445 MT). Meanwhile, in response to safeguard duty petition filed by the SEA of India, the government imposed 5% safeguard duty on RBD Palmolein/Palm Oil of Malaysian origin w.e.f. September 04, 2019.

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