Chennai, Feb. 15 Vegetable oil imports hit the highest for the season (November 2009-October 2010) in January at 8.72 lakh tonnes (lt) on projections of a lower oilseeds crop this season and the rupee's rise against the dollar.
Still, it was lower compared with 8.88 lt imported during the same period a year ago.
Data released by the Solvent Extractors Association of India showed that edible oils accounted for 8.27 lt (8.56 lt) of the total vegetable oil imports in January.
For the season, imports are 10 per higher thanks to a 36 per cent rise in November shipments. In December, the imports increased 6 per cent.
In November-January, imports totalled 24.14 lt against 21.89 lt a year ago.
According to the Solvent Extractors Association, the increased imports have resulted in inventories building up at the ports. At least eight lt of vegetable oils have been stocked at various ports, while another seven lt are in the pipeline. Both these account for 35 days consumption in the country.
Imports surge in November primarily in view of the kharif oilseeds crop getting hit by the erratic weather. Kharif production has been estimated at 161 lt against 178 lt last year. Rabi output, however, is seen marginally up at 101.31 lt against 99.11 lt a year ago.
RBD (refined, bleached and deodorised) palmolein imports totalled 3.82 lt in January compared with 4.08 lt a year ago. Import of soft oil at 4.36 lt was 20 per cent, up eight percentage points over last year. Shipments of palm group of oils made up the rest.
In terms of volume, palm group of oils imports were 18.65 lt against in November-December against 18.36 lt a year ago.
An interesting aspect of the import data is that imports of degummed or crude soyabean oil have more than doubled to 2.92 lt (1.27 lt) this season.
Source : Business Line