The Hindu Business Line : Vegoil imports remain stagnant

Mumbai, Aug. 14 At 5.48 lakh tonnes (lt), vegetable oil imports in July 2007 were little changed from the previous month. Palm group of oils accounted for 2.8 lt and soyabean oil 2.4 lt. Sunoil imports spurted to 26,300 tonnes.

Reduction in customs duty on various oils coupled with emergence of seasonal demand has encouraged imports. Total imports during oil year beginning from November 2006 were 33 lt versus 30.5 lt during same period last year.

Despite rupee’s firmness and lower duties, high international prices seem to have taken a toll on Indian demand.

The Solvent Extractors’ Association of India has projected aggregate imports of edible oil for the entire oil year 2006-07 (till October 2007) at 48 lt compared to 44 lt last year.

While enjoying a premium of $90 per tonne over soyabean oil, crude palm oil imports during the month of July increased to 2.5 lt from 1.6 lt same period last year. This was the result of progressive reduction in customs duty on palm oil.

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