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ECONOMY NEWS
Vegetable Oil Imports Rise 11% In August 2018
14-Sep-18  (16:50)

The Solvent Extractors’ Association of India has compiled the Import data of Vegetable Oils (edible & non-edible) for the month of August, 2018. Import of vegetable oils during August 2018 is reported at 1,512,597 tons compared to 1,361,272 tons in August 2017 consisting 1,465,594 tons of edible oils and 47,003 tons of non-edible oils i.e. up by 11%. The overall import of vegetable oils during November 2017 to August 2018 is reported at 12,278,673 tons compared to 12,753,568 tons i.e. down by 3.7%.

SEA noted that in spite of rupee depreciation, in August import of vegetable oil jumped to 15.12 lakh tons from 11.19 lakh tons in previous month, as pipelines were dried up due to lesser import during June & July ’18 months, coupled with improved parity in import of palm oil due to reduction in spread between palm oil and soft oils, resulted into higher import.

Import from neighboring countries particularly Bangladesh and Nepal under SAFTA by land route continued and as per unconfirmed report, about 800-1000 tons either in tank lorries or consumer packs per day, entering in Eastern India, seriously affecting domestic players in Eastern India. SEA has once again taken up this issue at higher level to regulate the import.

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