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Vegoil imports up 3

Vegoil imports up 3.5% in April at 13.86 lakh tonnes

MAY 16 2018

 

Imports of edible oils have shown a sustained increase for April 2018. The Solvent Extractors’ Association of India (SEA) data revealed that import of vegetable oils during April 2018 is reported at 13.86 lakh tonnes as compared to 13.39 lakh tonnes same month last year showing a growth of 3.5 per cent. Imports during the month of April were reported to be the highest so far during the current oil year (November 2017-October 2018 period).

 

The overall imports in the current oil year is reported at 7,318,295 tonnes (7,138,265 tonnes) — up 2.5 per cent. On March 1, the Centre had increased import duty on Crude Palm Oil , RBD Palmolein and RBD Palm Oil. As a result, import duty on CPO increased to 44 per cent from 30 per cent (effective duty 48.4 per cent) and RBD Palmolein and Refined Palm Oil to 54 per cent from 40 per cent (effective duty 59.4 per cent). “This increase in duty is welcome step. Yet, the government has missed the opportunity to provide a 20 per cent duty difference between crude and refined oils as requested by the Association to encourage domestic refining industry and promote Make in India,” SEA said in a statement here.

 

Due to nearly same landed cost of RBD Palmolein and CPO, there is more import of RBD Palmolein (finished product) over CPO (raw material). This, according to SEA, has impacted domestic refiners’ capacity utilisation. Palm oil constitutes a major share in Indian imports. During November 2017-April 2018, overall palm oil import was up at 4,574,098 tonnes (4,306,135 tonnes), thanks to withdrawal of export duty by Malaysia. Soft Oils import decreased to 2,572,653 tonnes (2,692,254 tonnes). Also, a parcel of 3,000 tonnes of cottonseed oil from the US arrived during April 2018, SEA noted. For the period under review, the import of non-edible oils stood at 171,544 tonnes (139,876 tonnes) indicating an increase of 23 per cent. This is mainly due to higher import of P.F.A.D. and C.P.S. at Nil duty under actual user condition.

 

Source:https://www.thehindubusinessline.com

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