The Hindu Business Line : Edible oil imports decline steeply

BUCKING the rising trend of previous 3-4 months, vegetable oil imports witnessed a steep fall during August. As per quick estimate of arrivals made available by Oilmandi.com, a vegetable oil industry portal, 4.20 lakh tonnes (l.t.) arrived in the country last month, versus 5.8 l.t. in July.

Imports broadly comprised 84,000 tonnes of degummed soyabean oil; 2.26 l.t. of crude palm oil; 41,700 tonnes of crude palmolein; and 49,500 tonnes of refined palmolein. In addition, 9,500 tonnes of crude sunflower oil and 9,100 tonnes of crude palm kernel oil arrived.

The estimate of port-based vegetable oil stock was about 3.5 l.t., Mr Dilip Kumar of Tapasya Trading Co said, adding that a part of the cargo that arrived last month was yet to be cleared for domestic consumption.

Discussion with a number of traders revealed the prevalence of uncertain conditions in the edible oil market. Following the issue of Customs notification on August 1 specifying quality standards for crude palm oil and crude palmolein, there has been some suspense over assessment and clearance of imported cargo.

Despite representations, there has been little clarity till now, traders complained. According to reports circulating in the market, the Government is likely to fix a tariff value for palm oil and palmolein that are neither crude nor refined.

This will facilitate clearance of cargo in Customs bonded tanks, estimated at about 40,000-50,000 tonnes across the country.

Total edible oil import during last ten months (November 2002 till August 2003) works out to 43.4 lakh tonnes. For the entire oil year 2002-03, imports are projected at around 50 l.t.

The domestic kharif oilseeds crop condition is looking satisfactory. Crop size may be in the range of 125-130 l.t., up from 85 l.t. of last year.

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