Vegetable oil imports increased 25 per cent in July to 1,109,674 tonnes against 889,493 tonnes during the same period a year ago.
The rise in imports in July was largely attributed to shipment of 306,068 tonnes of soyabean oil, a record since import was allowed under open general licence in 1994, according to the data released by the Solvent Extractors Association of India.
A sharp jump in domestic soyabean prices forced many solvent units to import the oil on a large-scale.
The country imported 1,092,271 tonnes of edible oil and 17,403 tonnes of non-edible oil. Import of non-edible oil in July was at a lower level in the recent past due to weak demand.
Imports of non-edible oils between November 2013 and July dropped 34 per cent to 143,791 tonnes (217,930 tonnes). Major non-edible oils that were shipped in include palm fatty acid distillate and crude palm kernel oil.
The overall import of vegetable oil in the first nine months of the oil year was up two per cent at 8,191,894 tonnes (8,034,553 tonnes).
Palomolein import Import of refined palmolein was down 32 per cent at 1,200,566 tonnes (1,758,107 tonnes) in this oil year, while crude oil shipments increased 13 per cent to 6,847,537 tonnes (6,058,516 tonnes) due to higher duty by exporting countries on crude soyabean, sunflower and canola oil, which constitute about 35 per cent of the total crude oil import.
Prices of all vegetable oils fell in July as the rupee depreciated against dollar to 60.10 against 59.74.
Prices of refined palm oil were down to $827 (about ₹49,703) a tonne against $833 in June, while crude palm oil was quoted lower at $834 ($841).
Soya oil price was down at $930 ($951).
As on August 1, stocks of edible oils at various ports are estimated at 570,000 tonnes consisting 250,000 tonnes of crude palmolein, 50,000 tonnes of refined palmolein, 140,000 tonnes degummed soyabean oil and 130,000 tonnes of crude sunflower oil.
Total inventory, including 1,020,000 tonnes of vegetable oil in the pipeline, is expected to be higher at 1,590,000 tonnes against 1,485,000 tonnes in June, said the Association.