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Sunflower oil imports have begun to rise, while the country has brought in canola oil for the first time.
According to the Solvent Extractors Association of India, 56,000 tonnes of canola oil have been imported in the last three months.
The imports have been made mainly due to lesser local crushing of rapeseed that is quoting higher prices in the domestic market.
“Also for the first time, safflower (kardi) oil has been imported in a small quantity,” said the association in a statement.
Sunflower was the main constituent of soft oil imports up to April in the current oil year that began in November.
It made up 6.07 lakh tonnes of the total 11.29 lakh tonnes soft oil imported during November-April period.
This was against 4.12 lakh tonnes sunflower oil imports and 7.85 lakh tonnes soft oils import during the same period a year ago.
Price factor
Sunflower is dominating the soft oils basket as it is currently cheaper than soya oil by $25 a tonne.
During the same time last year, sunflower oil enjoyed a premium of $105.
According to the extractors association, sunflower oil was quoted at $1,295 a tonne against soya oil's $1,318.
During April, edible oil imports were made at a higher price compared with March.
RBD palmolein was imported at $1,205 a tonne (1,161), crude palm oil at $1,184 (1,130), crude soya oil at $1,318 (1,274) and crude sunflower oil at $1,295 ($1,240).
Imports jump
Overall, edible oils import in April almost doubled to 9.25 lakh tonnes against 4.75 lakh tonnes during the same period a year ago.
During November-April, imports are up 30 per cent at 46.03 lakh tonnes (34.82 lakh tonnes).
Imports are on the rise in view of a lower oilseeds crop this season to June.
According to the Agriculture Ministry, oilseeds production is projected at 30.06 million tonnes against 32.47 million tonnes last year.
Palm complex
The palm group of oils, comprising crude palm oil, RBD palmolein, crude olein and crude palm kernel oil, accounted for 75 per cent of the total edible oils import at 34.73 lakh tonnes.
The Solvent Extractors Association said that import of RBD palmolein increased by 89 per cent during November-April to 9.19 lakh tonnes (4.87 lakh tonnes). This has led to the share of refined oils increasing to 20 per cent. Crude oils import increased to 36.83 lakh tonnes, though their share dropped to 80 per cent.
The share of RBD palmolein is likely to increase this oil year as the current inverted duty structure imposed by Indonesia encourages larger export of refined oils ( 9 per cent export duty) over crude oil (18 per cent export duty). Also, the gap between crude palm oil and RBD palmolein has reduced to just $20 against $60 a year ago.
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