India’s Vegetable oil imports – including soy oil from Brazil/Argentina, exceed over 1 million tonnes in August

by Dave

Financial Express

According to the latest data from the Solvent Extractors’ Association of India (SEAI), import of 1.06 million tonne of vegetable in August 2010 mainly consisting of edible oil is the highest in a single month since the government allowed import of crude vegetable oil for meeting the domestic demand in 1994. In India, edible oil demand usually jumps ahead of festivals and marriage as consumption of fried eatables rises.

SEA said India’s imports in August [2010] were an increase of 64% compared to same month last year, 2009. About 1.3 lakh tonne of RBD palmolein, 5.4 lakh tonne of crude palm oil and 2.1 lakh tonne of soyabean oil were imported during the month. SEA said around 6.8 lakh tonne of edible oil stock was at ports and about 7 lakh tonne were in the pipeline at the start of this month. In August, 2009, edible oil imports stood at 6.12 lakh tonne, while non-edible oil shipments amounted to 37,705 tonne, the industry body said.

India imports palm oils from Indonesia and Malaysia, while soyaoil and sunflower oil are sourced from Argentina and Brazil. India, the second-biggest vegetable oil consumer after China, had imported a record 8.6 million tonne of vegetable oil in the 2008-09 oil year.

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