Vegetable oil imports rose by 6 percent to 11.05 lakh tonnes during June due to higher shipments of refined palm oil from Malaysia, according to industry body SEA.
"Import of vegetable oils during June 2019 was up by 6 percent to 11,05,293 tonnes compared to 10,42,003 tonnes in June 2018," Solvent Extractors' Association of India (SEA) said in a statement.
Edible oil imports rose to 10,71,279 tonnes in June from 10,07,563 tonnes in the same month last year, while inward shipments of non-edible oil dropped marginally to 34,014 tonnes from 34,440 tonnes during this period.
The overall import of vegetable oils during November 2018 to June 2019 rose by 2 percent to 98,68,971 tonnes as against 96,46,538 tonnes in the year-ago period.
Marketing year of edible oil runs from November to October.
"During the last few months, due to duty advantage given to Malaysia for Palmolein under India-Malaysia CECA Agreement, the country flooded with RBD Palmolein from Malaysia following reduction of duty difference from 10 percent to 5 percent between CPO (crude palm oil) and palmolein sourced from Malaysia with effect from 1st January, 2019," it added.
During November 2018-June 2019, SEA said that import of refined oil (RBD Palmolein) increased by 39 percent to 18,25,663 tonnes from 13,15,256 tonnes in the corresponding period previous year. Import of crude oils decreased to 76,30,232 tonnes from 80,85,520 tonnes.
During November and December 2018, the share of refined (RBD Palmolein) was just 12 percent and 10 percent, respectively, whereas now in May and June 2019, it has increased to 31 percent and 24 percent, respectively, the statement said.
Source: moneycontrol.com