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Edible oil imports rise 11% YoY in August: SEA

, ET Bureau|
Sep 14, 2018, 01.18 PM IST
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Palm-oil---reuters
The yoy import of edible in the month of August 2018 reported at 1,512,597 tonnes.
Pune: In-spite of rupee depreciation, in August import of vegetable oil jumped to 15.12 lakh tonnes from 11.19 lakh tons in previous month, as pipelines were dried up due to lesser import during June and July ’18 months, coupled with improved parity in import of palm oil due to reduction in spread between palm oil and soft oils, resulted into higher import, said Solvent Extractors Association (SEA) in a release.

The y-o-y import of edible in the month of August 2018 reported at 1,512,597 tonnes consisting 1,465,594 tons of edible oils and 47,003 tonnes of non-edible oil, compared to 1,361,272 tons in August 2017, has increased by 11%.

"Import from neighboring countries particularly Bangladesh and Nepal under SAFTA by land route continued and as per unconfirmed report, about 800-1000 tonnes either in tank lorries or consumer packs per day, entering in Eastern India, seriously affecting domestic players in Eastern India. SEA has once again taken up this issue at higher level to regulate the import," states SEA release.

The total of vegetable oils (edible + non-edible) the oil year 2017-18, ending Oct’18 is expected around 147.0 – 148.0 lakh tonnes, lesser by about 700,000 – 800,000 tons from previous year import of 154.4 lakh tonnrs.

The stock of edible oils as on 1st Sept., 2018 at various ports is estimated at 994,000 tonnes (CPO 320,000 tonnes, RBD Palmolein 180,000 tonnes, Degummed Soybean Oil 240,000 ton ne s, Crude Sunflower Oil 240,000 ton nes and 14,000 tonnes of Rapeseed (Canola) Oil) and about 1,580,000 tonnes in pipelines. Total stock at ports and in pipelines is reported at record level of 2,574,000 tonnes, increased by 99,000 tonnes from 2,475,000 tonnes in August 2018. India’s total demand for edible oils during 2017-18 is estimated at 230 lakh tonnes.

Monthly requirement is about 19.00 lakh tonnes and operate at 30 days stock against which currently holding stock over 25.74 lakh tonnes equal to 40 days requirements stock has increased due to larger import of palm products during August 2018.

SEA said, " During Nov.’17- Aug.’18, overall Palm Oil import has decreased to 7,028,797 tonnes from 7,614,422 tonnes , while Soft Oils import marginally increased and reported 4,891,286 tonnes compared to 4,827,598 tonnes during the same period of last year. Practically palm and soft oil ratio is nearly 60:40 and continuously tilting in favour of soft oil as the refiners are less interested in palm oil refining due to disparity."

In last one year, in international market, prices of edible oils have gone down up to 15% due to excess supply in the world market and reduce demand by India . The rupees is depreciated by nearly 9% also made the import expensive.

"Import of Non-edible oils during Nov.’17 to Aug. ’18 is reported at 358,590 tons compared to 311,548 tons during the same period last year i.e. up by 15%. This is mainly due to higher import of P.F.A.D. C.P.S. and RBD Palm Stearin, seriously affecting domestic refiners and main cause of disparity in domestic refining of palm oil," highlighted SEA release.
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