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Vegetable oil imports for the period from November 2018 to January 2019 stood at 36,20,316 tonnes — nearly flat as compared to what was reported in the same period last year.
According to the data compiled by the Solvent Extractors’ Association of India (SEA), imports of palm oils — including RBD Palmolein and CPO — touched 23.18 lakh tonnes (lt), up from 22.74 lt reported in the same period last year.
Higher palm imports
After Union Ministry of Finance’s reduction in import duty on palm oils, the duty difference between crude and palm oil fell from 10 per cent to 5 per cent on palmolein to be imported from Malaysia.
“This is likely to increase RBD palm oil imports in coming months considering the shipments lined up from Malaysia for export of RBD Palmolein to India,” SEA said.
Other edible oils
Among the soft oils, soya oil imports dropped to 475,044 tonnes during November 2018-January 2019 as against 578,048 tonnes in the same period last year. Imports of sunflower oil remained steady at 601,401 tonnes.
The prices of key vegetable oils — including RBD Palmolein, Crude Palm Oil (CPO) and crude soyabean oil — touched three-month high at $570, $538 and $709 per tonne CIF Indian port.
Rupee appreciated from the levels of 73.56 a dollar in October 2018 to 70.71 in January 2019.
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