In-spite of rupee depreciation, in August import of Vegetable Oil jumped to 15.12 lakh tonnes from 11.19 lakh tons in previous month, as pipelines were dried up due to lesser import during June and 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, said Solvent Extractors Association (SEA).
The y-o-y import of edible in the month of August 2018 reported at 1,512,597 tonnes consisting 1,465,594 tons of Edible Oils and 47,003 tonnes of non-edible oil, compared to 1,361,272 tons in August 2017, has increased by 11%.
Import from neighboring countries particularly Bangladesh and Nepal under SAFTA by land route continued and as per unconfirmed report, about 800-1000 tonnes 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.
Monthly requirement is about 19.00 lakh tonnes and operate at 30 days stock against which currently holding stock over 25.74 lakh tonnes equal to 40 days requirements stock has increased due to larger import of Palm products during August 2018.