May edible oil imports double, local prices hit

The import of vegetable oils in the month of May stood at a record 629,297 tonne with edible oils accounting for 89 per cent of the imports at 565,674 tonne.

These imports (during April-May 2005) have further depressed the local prices, said the Solvent Extractors Association of India (SEA).

Edible oil imports in May 2005, in fact, doubled from the comparable period last year.

The total import of edible oil during current oil year from November 2004 to May 2005 (seven months) is reported at 2,779,941 tonne compared with 2,068,482 tonne during the same period of last year "" a growth of by 35 per cent.

The overall import of refined oil is reported at 319,654 tonne (11 per cent) while crude oil is reported at 2,460,287 tonne (89 per cent) during November 2004 to May 2005.

The overall import of refined oil is decreasing while crude oil is increasing, thanks to duty difference leading to value additional within the country.

The import of non-edible oil in the month of May 2005 is reported at 63,623 tonne compared with 13,997 tonne in the month of May 2004.

The total import of non-edible oil during November 2004 to May 2005 is reported at 208,182 tonne compared with 131,483 tonne during the same period of last year.

Crude palm stearin (106,585 tonne) and Palm Fatty Acid Distillate (50,765 tonne) are major non-edible oils being imported.