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Vegetable oil imports down 6% at 11.96 lakh tonnes in January 2020 Inbox

14 February 2020

 

India’s Import of vegetable oils declined 6% to 11,95,812 tonne in January 2020 as compared to 12,75,259 tonne in the same month of 2019, consisting of 11,57,123 tonne of edible oils and 38,689 tonne of non-edible oils, as per the data compiled by the Solvent Extractors Association of India (SEA). The overall import of vegetable oils during November 2019 to January 2020 was reported at 34,51,313 tonne as compared to 36,20,316 tonne, down by 4.7%.In a notification, the Director General of Foreign Trade (DGFT), ministry of commerce & industry, placed import of RBD Palmolein & Palm Oil under “restricted list” to regulate its excessive import into India. The import will now be subjected to DGFT license, said BV Mehta, executive director, SEA.

 

In the meantime, Joint DGFT, Kolkata has issued licences for 88,000 tonne of import of RBD Palmolein from Nepal at zero duty under Safta agreement. The stock of edible oils as on February 1, 2020 at various ports has been estimated at 8,85,000 tonne (CPO 4,20,000 tonne, RBD Palmolein 1,30,000 tonne, Degummed Soyabean Oil 1,65,000 tonne and Crude Sunflower Oil 1,70,000).

 

Based on new input considering substantial quantity of import of edible oils from Nepal and Bangladesh into India in last few months, pipeline stock has been revised as on December 1, 2019 to 10,70,000 tonne from 6,30,000 tonne and as on January 1, 2020 to 10,00,000 tonne from 5,15,000 tonne.Currently, total stock at ports and in pipelines is reported at 17,35,000 tonne, down by 1,25,000 tonne from 18,60,000 tonne as on January 1, 2020 from 21.10 lakh tonne on February 1, 2019. India’s monthly requirement is about 19 lakh tonne and ordinarily operate at 30 days stock against which currently holding stock of 17.35 lakh tonne is equal to 27 days requirements.

 

During first quarter of current oil year, November 2019-January 2020, import of refined oil (RBD Palmolein) decreased to 2,66,859 tonne from 4,06,799 tonne in same period of last year. However, import of crude oil increased marginally and was reported at 30,94,068 tonne compared to 30,22,951 tonne during the same period of last year.

 

During November 2019-January 2020, Palm Oil import has decreased to 20,04,657 tonne (60%) from 23,18,763 tonne (68%) during the same period of last year. However, Soft Oils import increased to 13,56,270 tonne (40%) from 11,10,987 tonne (32%) during the same period of last year mainly due to reduction in spread between Palm Oil and Soft Oils, making soft oils import more viable.According to the association, Indonesia is the major supplier of Crude Palm Oil and Refined Palmolein, followed by Malaysia. Ukraine, followed by Russia, are major suppliers of Sunflower Oil, while Argentina is the major supplier of Soyabean Oil to India.

 

Source: https://www.financialexpress.com/

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Monday, February 17, 2020
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MCXCrude Palm Oil - MCXFeb20718.1724.5710.1713.6
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