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Vegetable oil imports in May were 33 per cent higher than in the corresponding month last year. Refiners blamed “dumping” from Malaysia and Indonesia.
Data compiled by the apex industry body, the Solvent Extractors’ Association (SEA) showed import at 1.37 million tonnes against 1.03 mt in May last year. SEA said there was 26 per cent growth in overall import between November 2014 (when the current oil year began) and May 2015, at 7.83 mt as compared to 6.19 mt in the year-ago period.
“Due to nil export duty on palm products since October by Indonesia and Malaysia (except for April 2015) and reduced demand of crude palm oil for biodiesel there, they pushed export of palm products to India, to reduce their burgeoning stock,” said B V Mehta, executive director, SEA.
Import of refined oil rose 20 per cent to 275,150 tonnes in May. “Rising import of RBD (refined, bleached and diodised) palmolein is seriously affecting capacity utilisation of domestic refiners. Also, due to high prices of soybean and lesser realisation for oil and soybean metal in the export market, there is less of crushing and lesser oil availability in the domestic market. Consequently, import of soybean oil and sunflower seed oil has increased,” said Mehta.
India’s vegetable oil import was expected to set a record at 12.33 mt this oil year (November 2014–October 2015), a six per cent increase from the 11.62 mt in 2013-14. Edible oil consumption in India was estimated this year at 19.3 mt, as against 18.28 mt the previous year.
