Vegetable Oil Import Up 3.2% On Year In Last Three Months

The Solvent Extractors' Association of India has compiled the import data of Vegetable Oils (edible & non-edible) for the month of January 2022. Import of vegetable oils during January 2022 is reported at 1,270,728 tons compared to 1,096,669 tons in January 2021, consisting 1,251,926 tons of edible oils and 18,802 tons of non-edible oils i.e. Up by 16%. The overall import of vegetable oils during first quarter of oil year 2021-22, Nov'21.-Jan' 22 reported at 3,671,161 tons compared to 3,556,153 tons during the same period of last year i.e. Up by 3.2%. The import of soybean oil is up by 90% due to declining of domestic crushing, while crude palm oil import down by 24% in first three months of the oil year 2021-22. The stock of edible oils as on 1st Feb., 2022 at various ports is estimated at 654,000 tons (CPO 230,000 tons, RBD Palmolein 120,000 tons, Degummed Soybean Oil 150,000 tons, Crude Sunflower Oil 150,000 tons and Rapeseed Oil 4,000 tons) and pipeline stock at 1,208,000 tons, total stock at 1,862,000 tons. The total stock has increased by 142,000 tons to 18.62 lakh tons as on 1st Feb., 2022 from 17.20 lakh tons as on 1st Jan., 2022.

 

During Nov'21.- Jan.'22, Import of RBD Palmolein increased and reported at 216,522 tons compared to 15,601 tons during the same period of last year. The reduction in effective import duty on Palmolein (refined Palm) from 19.25% to 13.75% without simultaneous reduction in import duty on CPO w.e.f. 20th Dec., 2021 has reduce the effective duty difference from 11% to 5.5% leading to increase the imports of Refined Palmolein at the cost of CPO which is the raw material for domestic Refineries. Last year in January-March 2021, India had imported 16.6 lakh tons of CPO and just 11,000 tons of RBD Palmolein. In view of reduction in duty difference and since RBD Palmolein freely allowed at lower duty till 31st March, 2022, expecting large quantity of RBD Palmolein of 8.0 to 9.0 lakh tons likely to arrive during Jan-March quarter replacing much of CPO as there is wide disparity to the tune of Rs.6000/8000 per tons of processing.

Powered by Capital Market - Live News