Vegetable oil imports fell six per cent in March to 8,35,424 tonnes against 8,89,415 tonnes in the same period a year ago as the rupee appreciated and demand slipped.

Imports included 8,32,925 tonnes of edible oil and 2,499 tonnes on non-edible oil, according to the data released by the Solvent Extractors’ Association.

The rupee appreciated to 60.95 against dollar from 62.16 in February.

Overall, imports of vegetable oils between November and March were down six per cent at 43,32,231 tonnes (46,24,678 tonnes).

Import of refined oil rose 32 per cent to 8,17,615 tonnes against 6,20,698 tonnes in the first five months of the season that began in November.

Duty structure

In contrast, import in crude form was down 11 per cent to 34,36,042 tonnes (38,76,738 tonnes).

This was largely due to inverted duty structure followed by exporting countries such Indonesia and Malaysia which are trying to promote their own refining industry.

Palm oil imports in proportionate to soft oils such as soyabean, sunflower and rape oil were down due to the duty structure.

Palm oil imports in last five months decreased 17 per cent to 31,42,418 tonnes.

While soft oil imports increased to 11,11,239 tonnes (6,85,339 tonnes).

Indian refiners prefer to import crude soft oils over crude palm oil, which has reflected in pattern of import in last few months, said SEA.

Stocks

Inventory of edible oil at various ports as on April 1 was estimated at 4,90,000 tonnes. Crude palm oil stock was at 2,70,000 tonnes, refined palmolein was at 90,000 tonnes, degummed soyabean oil at 50,000 tonnes and crude sunflower oil at 80,000 tonnes.

Consignments of about 710,000 tonnes were in the pipeline, said SEA.

Import of non-edible oil such as palm fatty acid distillate and crude palm kernel oil in March plunged to 2,499 tonnes (38,509 tonnes) due to weak demand.

The overall import of non-edible oils between November and March were down 38 per cent at 78,574 tonnes (1,27,242 tonnes).

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