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Edible oil imports hit 8-month high in June as consumption goes up

Tue July 07 2020

 

 

India’s edible oil imports hit 8-month high in June 2020 as the supply pipelines started getting replenished after going nearly dry during April-May 2020 due to reduced imports.

 

The latest provisional data compiled by the Solvent Extractors’ Association of India (SEAI) showed that the import of edible oils for June increased by 8 per cent to 11.62 lakh tonnes as against 10.71 lt in same month last year.

 

“This is the highest import in last eight month of oil year 2019-20 (November-October). However, so far during November-June period of the current oil year, overall imports fell by 15 per cent to 80.51 lt (94.55 lt) mainly due to reduction in import of RBD Palmolein by 79 per cent,” said a statement by SEAI.

 

The stock position at ports is estimated at 5.45 lt, while in the supply pipeline showed stock of 3.70 lt taking the total stock of 9.15 lt, which is lower by 3.15 lt from 12.30 lt as on April 1.

 

The stock has reduced in last six months mainly due to lower domestic demand and reduced imports, SEAI stated adding that during lockdown period there is a spurt in demand from households for sunflower and soybean oil, which is evident by the increase in their import by 17 per cent and 13 per cent respectively.

 

It may be noted, since RBD Palmolein is placed under the Restricted List w.e.f. January 8, 2020, its imports has drastically reduced. In June 2020, import of RBD Palmolein was just at 3,000 tonnes against 2.55 lt in June 2019, a fall of 99 per cent,” the SEA statement said.

 

So far, in November-June period, India imported 3.80 lt of refined oil (RBD Palmolein), down from 18.25 lt in same period of last year.

 

Reduced imports of refined oils is helping the domestic processing industry with higher capacity utilisation.

 

The overall import of crude oil increased and reported at 76.71 lt (76.30 lt) during the same period of last year also share of crude oils increased to 95 per cent, highest ever from 81 per cent of last year.

 

The import of CPO and CPKO also registered a 10 per cent decline during Nov-2019 to June-2020 period, as compared to same period previous year.

 

Source: Hindu business line.

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