Vegetable oil imports increased by 21 per cent in June to 9,47,591 tonnes against 7,83,315 tonnes during the same period a year ago.
Edible oil imports were up at 911,091 tonnes against 892,066 tonnes in May, while non-edible oil shipments were 36,500 tonnes against 25,898 tonnes.
The sharp rise in vegetable oil imports were largely due to jump in demand for sunflower oil.
Refined palm oil shipments more than doubled to 2,96,230 tonnes in June against 1,27, 619 tonnes in the same period a year ago.
Crude palm oil imports were down seven per cent at 3,53,542 tonnes (3,81,613 tonnes).
Sunflower oil imports were up 15 per cent at 1,01,480 tonnes (87,859 tonnes).
Overall import of vegetable oils in the oil year (between November and June) was up 12 per cent at 71,45,060 tonnes against 63,95,199 tonnes.
Import of refined palmolein was down at 2,96,230 tonnes in June against 3,73,837 tonnes in May due to reduction in duty difference between crude and refined palmolein in the exporting countries.
Import of refined palmolein oil in last eight months was at 15,44,254 tonnes compared with 12,12,552 tonnes in the same period a year ago.
While palm oil import increased 23 per cent to 57,53,688 tonnes (46,77,609 tonnes) in last eight months, import of soft oil such as soybean, sunflower and rapeseed reduced 24 per cent to 11,88,232 tonnes (15,78,829 tonnes).
The sharp depreciation in rupee has almost negated the recent fall in edible oil prices in the international markets.
In last one year, refined palmolein prices have fallen 16 per cent or by $159 (Rs 9,381) a tonne and crude palmolein and crude soybean oil were down 15 per cent each or by Rs 8,319 a tonne and Rs 10,207 a tonne, respectively.
However, the sudden rupee depreciation to 60 level has put pressure on vegetable oil imports.
edible oil stocks
As on July 1, edible oil stocks at various ports were estimated at 6,90,000 tonnes consisting of crude palm oil 3,00,000 tonnes, refined palmolein 2,30,000 tonnes, degummed soybean oil 80,000 tonnes, crude sunflower oil 80,000 tonnes and about 13,70,000 tonnes in the pipeline.
Total stocks, at ports and in pipeline, were at 20,60,000 tonnes against 19,75,000 tonnes in May, according to the Solvent Extractors’ Association data.
(Source – http://www.blackseagrain.net/about-ukragroconsult/news-bsg/india.-sunflower-oil-demand-boosts-vegoil-imports-by-21-in-june)