Indian vegetable oil imports have recorded a 16 per cent growth at 2.32 million tonnes during November to December 2014, Solvent Extractors’ Association of India (SEAI) said in a statement.

During the same months last year, vegetable oil imports were recorded at 2.01 million tonnes, SEAI adds.

SEAI attributed the rise to high prices of soybean and lesser realization for oil and soybean meal in export market, resulted in lower crushing and availability of domestic oil.

In last three months, due to nil export duty on palm products by Indonesia and Malaysia and reduced demand of CPO for bio diesel, pushed the export of palm products to India to reduce burgeoning stock held by the exporting countries, the association stressed.

During November to December 2014, import of refined oil (RBD Palmolein) was at 100,846 tonnes, as compared to 372,102 tonnes imported during the same period last year due to nil export duty on RBD Palmolein and CPO by Indonesia and Malaysia.

During the period, palm oil import also decreased marginally to 1.633 million tonnes , against 1.637 million tonnes during the same period of last year. However, soft oils import has increased to almost doubled and reported at 637,687 tonnes from 342,249 tonnes last year.

Share of soft oils import increased to 28 per cent from 17 per cent last year while palm oil products down to 72 per cent from 83 per cent, SEAI adds.

As on January 1, 2015, current stock of edible oils both at ports and in pipelines increased to 2.08 million tonnes from 1.96 million tonnes in December 2014, up by nearly 500,000 tonnes compared to January, 2014.

Source:- thecropsite.com