India’s edible oil imports dip 11% YoY in November-July period

India’s overall edible oil imports for the nine-thirty day period interval of November- July 2020…

India’s overall edible oil imports for the nine-thirty day period interval of November- July 2020 (of the oil calendar year November-Oct) fell 11 per cent about the identical interval last calendar year following sharp drop in the imports of refined, bleached and deodorized (RBD) Palmolein.

The most current information compiled by the Solvent Extractors’ Affiliation of India (SEA) exhibits India’s edible oil imports for the nine thirty day period at 9,569,336 tonnes as when compared to 10,803,777 tonnes in the identical interval last calendar year, showing a drop of 11 per cent.

The SEA attributed the drop in overall edible oil imports to a reduction in import of RBD Palmolein by eighty two per cent to 380,386 tonnes for the interval as in opposition to 2,090,381 tonnes in the identical length last calendar year.

India noted zero imports of RBD Palmolein in the thirty day period of July 2020, which was 2,sixty four,718 tonnes in the identical thirty day period last calendar year.

SEA also observed that imports of edible oils showed a revival in July 2020 following a lockdown-induced decrease in April-Could 2020.

“Import of edible oil in July 2020 showing revival signal as pipeline inventory which was diminished in April-May’20, due to lessen import is staying partly stuffed up,” B V Mehta, Executive Director, SEA observed.

Based on the accessible provisional information for import of edible oils for July 2020 noted at one,517,350 tonnes when compared to one,347,882 tonnes in July 2019 up by thirteen per cent, on a YoY basis. “This is the maximum import in last eleven thirty day period of the oil calendar year 2019-twenty,” Mehta additional.

The inventory positions as on August one, 2020 at different ports exhibits 7,sixty five,000 tonnes of edible oils which include CPO 415,000 tonnes, RBD Palmolein nil, Degummed Soybean Oil a hundred and fifty,000 tonnes and Crude Sunflower Oil 200,000 tonnes and a pipeline of 7,70,000 tonnes. The total inventory of edible oils stood at one,535,000 tonnes better by 4,fifty five,000 tonnes from one,080,000 tonnes as on July one, 2020.

The inventory has diminished in the last 3 months largely due to lessen import of edible oil.