India’s Vegetable Oil imports for the year 2016-17 (November 2016 to October 2017) is reported at 15.44 million tons compared to 14.74 million tons last year (2015-16) and 10.68 million tons in 2012-13, according to Solvent Extractors’ Association of India.
The Vegetable Oil import, which includes edible oil and non-edible oil, has jumped by 45% in last 5 years. There is no import of Vanaspati since last 5 years.
Import of edible oil has sharply increased in last few years due to stagnant Oilseed production and rising demand in the country. India’s dependence on imported Oil has increased to 70% of its requirements.
RBD Palmolein import jumped from 1.66 million tons in 2014-15 to 2.87 million tons in 2016-17,up by 73%, due to unfavourable duty difference between crude and refined oils.
CPO import drastically reduced from 7.72 million tons in 2014-15 to 6.33 million tons in 2016-17, due to higher import of RBD Palmolein at the cost of CPO.
Soybean Oil import is increasing from year to year. In 2012-13, import was just 1.09 million tons which increased to 3.31 million tons in 2016-17, due to attractive price in international market.
Sunflower Oil price has remained attractive compared to Soybean Oil, hence import increased from 1.516 million tons in 2015-16 to 2.169 million tons in 2016-17.
Import of Vegetable Oils during October this year is reported at 1.168 million tons compared to 1.174 million tons for October 16 and 1.519 million tons in September 2017. The overall growth is 5% against last year.
The stock of edible oils as on 1st November 2017 at various ports is estimated at 884,000 tons (CPO 330,000 tons, RBD Palmolein 150,000 tons, Degummed Soybean Oil 275,000 tons, Crude Sunflower Oil 115,000 tons and 14,000 tons of Rapeseed (Canola Oil) and about 1.46 million tons in pipelines.
As on 1st November 2017, India’s total stock at ports and in pipelines decreased by 255,000 tons from 2.589 million tons in October due to lower import.
India’s monthly requirement is about 1.80 million tons and operates at 30 days stock against which currently holding stock over 2.344 million tons equal to 39 days requirements.