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India's edible oil imports fell in April, snapping a three-month rising trend. Analysts said the fall was primarily on account of increased stocks due to excessive imports since December 2012.
Edible oil imports fell from about 9,00,000 tonnes in April 2012 to about 6,41,000 tonnes in April this year, a fall of 29 per cent. During the same period, non-edible oil imports fell from 28,000 tonnes to about 13,500 tonnes. According to data compiled by the Solvent Extractors' Association of India (SEA), vegetable oil imports fell to 6,54,827 tonnes in April, against 9,25,334 tonnes in the corresponding month last year, a fall of 29.2 per cent.
Vegetable oil imports had risen between December 2012 and March 2013. These grew 35 per cent, 75 per cent, 10 per cent and 23 per cent in December, January, February and March, respectively. "India had imported excessive quantities during the last three months. Also, there was disparity in imports last month. Therefore, imports fell in April," said Govindbhai Patel, an expert on edible oils.
"The overall import of vegetable oils during November 2012 to April 2013 is reported at 52,79,505 tonnes, compared with 47,14,963 tonnes (in the year-ago period), up 11.97 per cent," SEA said in its report.
Industry players said from this month, imports might increase, as stocks had fallen due to lower imports in April. "We will see imports pick up from this month, as previous stocks have already fallen," Patel said.
According to SEA data, as of May 1, edible oil stocks at various ports and pipelines stood at 18,20,000 tonnes, against 21,00,000 tonnes a month ago.
Owing to the fall in imports, prices have fallen. Crude sunflower and crude soybean oil prices have fallen since January; prices have recorded five to 10 per cent correction.
