India imported 9.69 lakh tonnes (LT) of vegetable oil in February, up 10.55 per cent from 8.76 lakh tonnes in the same period last year. Palm oil imports at 8,05,362 tonnes accounted for 84 per cent of the total imports in February.
Palm oil constitutes more than 80 per cent of the total vegetable oil shipments. According to a Mumbai-based Solvent Extractors Association (SEA), of 9.69 LT of vegetable imports during February this year, edible oil comprised of 9.54 LT, while non-edible oils 14,999 tonnes. The country imports palm oil mainly from Malaysia and Indonesia, which at present have huge stock of over 7 LT.In the first four months of the oil year, imports were up 22 per cent to 37,35,263 tonnes (30,61,923 tonnes). Out of which, palm oil comprised of 31.03 LT. Excessive imports in the last three months has led to a rise in stocks both at ports and in pipelines to 19.6 lakh tonnes (LT), nearly 40 days consumption requirement of the country against usual stock of 30 days.
However, Indian consumers did not benefit much from the drop in palm oil prices as the rupee depreciated by about nine per cent in the last one year, making imports a costlier affair.
