Edible oil import goes up in Q3 by 15.4%, trend likely to continue in Q4: Solvent Extractors Association

PUNE: Import of vegetable oil in the third quarter has increased by 15.4% as compared to lower imports in the first two quarters. "This trend is likely to continue for the last quarter of the current oil year," said a release from the Solvent Extractors Association (SEA).

The import of vegetable oils during July 2011 is up by 14.1% from 800,644 tonne in July'10 to 913,179 tonnes in July'10. However, the overall import of vegetable oils during Nov’10 to July ’11 is down by 5.3% at 6,043,403 tons compared to 6,382,314 tons during the same period of last year.

During Nov’10 to July’11, Palm Oil import is reported at 4,588,474 tonnes compared to 4,498,608 tons during the same period of last year. Soft Oils import also decreased to 1,240,799 tonnes compared to 1,600,990 tonnes compared to last year. However, import of sunflower oil increased to 591,699 tonnes from 448,096 tonnes due to lesser supply from domestic production.

According to SEA, the reduction of export duty on palm products by Indonesia coupled with high production has put a pressure on prices of palm products in last two months. "Indian rupee appreciation in last few months, provided relief to cool down the prices further," the release stated.

Import of Non-edible oils during July 2011 is reported at 31,417 tonnes compared to 22,857 tonnes during the same period last year. The overall import of non-edible oil during Nov’10 to July ’11 is reported at 214,130 tons compared to 282,716 tons during the same period of last year that is decreased by 24%.