India's import of vegetable oils during June 2017 is reported at 13,44,868 tonnes compared to 11,69,456 tonnes in June 2016, up by 15 per cent," Solvent Extractors' Association (SEA) said in a statement.
The stock of edible oils as on July 1, 2017 at various ports was estimated to be 738,000 tons. This includes 2,70,000 ton of Crude Palm Oil (CPO), 1,50,000 ton of RBD Palmolein, 1,60,000 ton of degummed Soybean Oil, 1,40,000 ton of crude Sunflower Oil and 18,000 ton of Rapeseed (canola) Oil. There are about 1,540,000 ton in pipelines.
The total stock at ports and in pipelines increased to 22,78,000 ton from 21,60,000 ton in June 2017.
India’s monthly requirement is about 17.5 lakh ton, and operate at 30 days’ stock, against which the current holding stock is over 22.78 lakh ton equal to 39 days’ requirements.
In the first eight months of the current 2016-17 oil marketing year, the country's import of vegetable oils (comprising edible oil and non-edible oils) rose marginally at 98,63,572 tonnes compared to 97,63,043 tonnes, it added.
Between November 2016 and June 2017, import of refined oil (RBD palmolein) has sharply increased to 19,03,056 ton from 17,77,839 ton in the same period of last year, while the import of crude oils decreased to 77,08,902 ton from 78,92,977 ton during the same period of last year.
Between November 2016 and June 2017, Palm Oil import has increased to 59,21,563 ton from 56,05,473 ton during the same period of last year. The overall share of Palm Oil products increased to 62% from 58%, thanks to the larger import of RBD Palmolein. Soft oil imports reduced to 36,90,395 ton from 40,64,343 ton last year. However, within soft oils, the import of Sunflower Oil has sharply increased at the cost of Soybean Oil.
Oil year runs from November to October. India imports about 60% of its edible oil requirement. The country imported about about 14 million tonnes of Vegetable Oil in 2015-16 marketing year.