Import of Veg. Oils – August 2020 down by 14% by admin- Monday, September 14th, 2020 06:43:27 PM
The Solvent Extractors’ Association of India has compiled the Import data of Vegetable Oils (edible & non-edible) for the month of August 2020. Import of vegetable oils during August 2020 down by 14% to 1,370,457 tons compared to 1,586,514 tons in August 2019, consisting 1,308,405 tons of edible oils and 62,052 tons of non-edible oils. However the overall import of vegetable oils during November 2019 to August 2020 is reported at 11,195,890 tons compared to 12,867,486 tons during the same period of last year i.e. down by 13%.
The import of edible oils is reduced mainly due to demand destruction since April’20 from HoReCa segment hitting lower import, mainly of Palm Products. The overall import during oil year 2019-20 (Nov-Oct) may witness fall in import by a 14-15 lakh tons and be around 134-135 lakh tons against last year 149.1 lakh tons.
Stock Position at Port & in Pipeline :-
The stock of edible oils as on 1st September 2020 at various ports has estimated at 751,000 tons (CPO 350,000 tons, RBD Palmolein Nil, Degummed Soybean Oil 175,000 tons, Crude Sunflower Oil 205,000 and Rapeseed Oil 21,000) and pipeline 980,000 tons, total stock at 1,731000 tons,increased by 196,000 tons from 1,535,000 tons as on 1st August, 2020. The stock has rebuilt in last three months mainly due to higher import of edible oil.
Crude Oil Share Jumped to 96%:-
In last two months there is no import of RBD Palmolein however overall import during Nov.’19 –Aug.’20, Import of refined oil (RBD Palmolein) reported at 404,190 tons against 2,348,086 tons in same period of last year. The overall Import of crude oil increased and reported at 10,502,069 tons compared to 9,978,952 tons during the same period of last year also share of crude oils increased to 96%, highest ever from 81% of last year. This is helping domestic industry to utilize the higher capacity.
It may be noted, since RBD Palmolein placed under the Restricted List w.e.f. 8th January, 2020, its imports has drastically reduced. In July & August 2020, import of RBD Palmolein reported Nil against 264,718 & 257,705 tons compared to July & August 2019. Last year Malaysia shipped excessive RBD Palmolien to India taking the advantage of lower duty concession. The lockdown period there is spurt in demand from household in consumer packs for sunflower and soybean oil, which is evidence by increased in their import by 11% and 14% respectively.