Vegetable oil imports were up 16 per cent in September to 12.16 lakh tonnes (lt), compared to 10.47 lt during the same period a year ago, on the back of robust demand and shrinking domestic supply.
Of the total imports, shipments of edible oil were at 12.05 lt while that of non-edible oil was at 11,039 tonnes, according to the data released by the Solvent Extractors’ Association on Wednesday.
Between November and September (11 months of oil year), imports increased 22 per cent to 129 lt (105 lt). Import of rapeseed oil more than doubled to 3.40 lt (1.55 lt) in this oil year.
It is an alarming situation where India meets 70 per cent of its edible oil requirement through imports which poses a great threat to the country’s food security, said BV Mehta, Executive Director, SEA.
As on October 1, inventory of edible oil at various ports is estimated at 7.80 lt and another 14.60 lt is in the pipeline. Total stock at ports and in pipeline decreased to 22.40 lt from 23.25 lt on September 1. The country’s monthly requirement is about 16 lt while the country has an inventory of over 22.40 lt – equivalent to 42 days requirement.
Except sunflower oil, prices of all edible oil moved down in last one year due to excess supply in the international market. Refined palm oil prices were down 23 per cent at $559 a tonne ($722). Similarly, crude palm and soya oil were down 27 per cent and 18 per cent at $517 ($706) and $669 ($706), respectively.