Soyabean oil imports touch all-time high of 4.06 lakh tonnes in August

NEW DELHI: India's soyabean oil imports have touched an all-time high of 4.06 lakh tonnes (LT) in August and the total inward shipment of vegetable oil in the same month has increased by 3 per cent to 13.74 LT.

"The import of soyabean oil is highest ever since it was permitted by the government in 1994. The inward shipments of soyabean oil have gone up mainly due to decline in its prices by USD 200 per tonne in last one year," Solvent Extractors Association (SEA) Executive Director B V Mehta told PTI.

Soyabean oil, which was costing USD 897 per tonne in August last year declined to USD 699 per tonne in the same month this year, he added.

The total import of vegetable oils during August 2015 is reported at 13.74 LT compared with 13.33 LT in the same month last year, Mumbai-based industry body said in a statement.

Out of the total vegetable oil imported by the country in August, edible oil was 13.64 LT and non-edible oil was 9,477 tonnes.

The overall import of vegetable oils during November- August period rose by 23 per cent to 117.25 LT as against 95.25 LT in the same period last year.

Expressing concerns over the sharp rise in imports, SEA said: "India is being used as a dumping ground for excessive supply of edible oils in the world market."

"Excessive import has put tremendous pressure on the local prices, which are at a level where Indian oilseeds growing farmers are in distress and losing interest in oilseed crop," it added.

The country's dependence on imported oil has further increased to nearly 70 per cent, an alarming situation for the country's food security, it added.

India meets 60 per cent of its annual vegetable oil demand of 17-18 MT via imports. Palm oils make up over 70 per cent of the country's total vegetable oil imports.