The overall import of vegetable oils during last five months, from November 2014 to March 2015, increased by 24% due to zero export duty on palm oil by Indonesia and Malaysia, said industry body, the Solvent Extractors' Association of India (SEA).
According to SEA, Import of vegetable oils during March 2015 is reported at 1,062,031 tons compared to 835,424 tons in March 2014, consisting of 1,053,034 tons of edible oils and 8,997 tons of non-edible oils, up by 27%. The overall import of vegetable oils during Nov.'14 to Mar.'15 is reported at 5,353,184 tons compared to 4,332,231 tons i.e. up by 24%.
Along with the nil export duty on palm products by Indonesia and Malaysia and reduced demand of crude palm oil (CPO) for bio diesel, pushed the export of palm products to India to reduce burgeoning stock held by the exporting countries. "Also, due to high prices of soybean and lesser realisation for oil and soybean meal in export market, resulted in lower crushing and lesser oil availability in domestic market, resulted in to higher import," stated the SEA release.
Import of refined oil's share reduced to 6% from 19% and reported at 303,066 tons compared to 817,615 tons during the same period of last year. Share of imported crude oil jumped to 94% from 81% and reported at 4,948,843 tons compared to 3,436,042 tons during the same period of last year, thanks to nil export duty on RBD Palmolein and CPO by exporting countries. "From April 1, Malaysia has imposed 4.5% export duty on CPO, while Indonesia shortly plan to impose export levies on CPO and RBD Palmolein. This will again change the ratio of refined oil as against crude oil imports," stated the SEA release.
Source:economictimes.indiatimes.com
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