India Veg Oil Imports Surge By 21% In January


 In last three months, due to Nil export duty on palm products by Indonesia and Malaysia and reduced demand of CPO for bio diesel, pushed the export of palm products to India. MUMBAI(Commodity Online): India's vegetable oil imports surged by 21 per cent in January 2015 . The imports during Nov.'14 to Jan.'15 were up by 17 per cent. Import of vegetable oils during January 2015 is reported at 1,095,466 tons compared to 905,814 tons in January 2014, consisting of 1,082,670 tons of edible oils and 12,796 tons of non-edible oils i.e. up by 21%, according to a data by Solvent Extractors' Association of India(SEA). The overall import of vegetable oils during Nov.'14 to Jan.'15 is reported at 3,424,986 tons compared to 2,917,832 tons i.e. up by 17%. "In last three months, due to Nil export duty on palm products by Indonesia and Malaysia and reduced demand of CPO for bio diesel, pushed the export of palm products to India to reduce burgeoning stock held by the exporting countries," as per an SEA statement. Also, due to high prices of soybean and lesser realization for oil and soybean meal in export market, resulted in lower crushing and oil availability in domestic market. Import has shown 17% growth in first three months of oil year 2014-15 over same period of last year, SEA added. SEA revised stock position as on 1st Jan.,2015 reported last month as under due to some correction: CPO - 520,000(620,000), RBD Palmolein - 60,000(60,000), Degummed Soybean Oil - 60,000(50,000), Crude Sunflower Oil - 120,000(120,000) and Rapeseed(Canola) Oil - 10,000(10,000), Port Stock - 770,000(860,000), Pipeline Stock - 1,300,000(1,225,000) and Total Stock - 2,070,000(2,085,000). Current stock of edible oils as on 1st Feb., 2015 at various ports is estimated at 745,000 tons (CPO 425,000 tons, RBD Palmolein 65,000 tons, Degummed Soybean Oil 120,000 tons, Crude Sunflower Oil 120,000 tons and 15,000 tons of Rapeseed (Canola) Oil and about 1,350,000 tons in pipelines. Total stock, both at ports and in pipelines increased to 2,095,000 tons from 2,070,000 tons.
India Veg Oil Imports Surge By 21% In January India Veg Oil Imports Surge By 21% In January Reviewed by Money99 on 13:06:00 Rating: 5
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