| Date: |
18-02-2011 |
| Subject: |
17% Decline In Vegetable Oil Imports |
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In January 2011, the vegetable oil imports in India witnessed a YoY decline of 17% due to increase in the crushing of oil seeds in the domestic market. According to Solvent Extractors' Association (SEA), in January 2011 India imported 721,197 tonnes of vegetable oil as against 872,395 tonnes in the same period last year. Similarly, in the first three months of current oil year, India imported 2.14 million tonnes of vegetable oil representing a year on year decline of approximately 11%.
As per experts, the two main reasons behind the decline in imports were the higer oil seed production and correction in the prices of edible oil. Between November 2010 and January 2010, the palm oil import declined to reach 1.72 million tonnes from around 1.86 million a year ago. Similarly soft oil imports reached 353,508 tonnes in the same period as against 436,013 tonnes a year ago. As on 1st February 2011, India had a stock of around 695,000 tonnes.
Source : money.oneindia.in
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