Import of vegetable oils during April 2019 decreased by 11% to 1,232,283 tons compared to 1,386,466 tons in April 2018, consisting 1,198,763 tons of edible oils and 33,520 tons of non-edible oils, said a release by Solvent Extractors Association (SEA).
The overall import of vegetable oils during November 2018 to April 2019 is reported at 7,541,689 tons compared to 7,318,295 tons during the same period of last year i.e. up by 3%.
In last one year, in international market, prices of various edible oils have gone down in the range of 11% to 20% due to excess supply in the world market, but rupee has depreciated by nearly 6% in last one year.
The release said: "During April ’19 import of Palm Oil decreased to 707,450 tons from 802,443 tons in Mar.19, down by 12%. The import of Soybean Oil decreased to 248,851 tons from 292,925 tons in Mar.’19, down by 15% and Sunflower Oil decreased to 242,462 tons from 297,887 tons in Mar.’19, down by 19%. Stock Position at Port & in Pipeline :- The stock of edible oils as on 1st May, 2019 at various ports is estimated at 875,000 tons (CPO 340,000 tons, RBD Palmolein 215,000 tons, Degummed Soybean Oil 120,000 tons and Crude Sunflower Oil 200,000 tons to and about 14,80,000 tons in pipelines. Total stock at ports and in pipelines is reported at 2,355,000 tons, decreased by 15,000 tons from 2,370,000 tons as on 1st April, 2019. India’s monthly requirement is about 19.0 lakh tons and operate at 30 days stock against which currently holding stock over 23.55 lakh tons equal to 37 days requirements "
According to SEA, during Nov’18.-Apr.’19, Import of refined oil (RBD Palmolein) increased to 1,199,052 tons from 980,353 tons in same period of last year, however, Import of crude oil decreased and reported at 6,004,778 tons from 6,166,398 tons during the same period of last year. During Nov.& Dec.’18, the share of RBD Palmolein was just 12 & 10%, where as now in Apr.’19 it has increased to 20%.
Source :- Economictimes.indiatimes.com