Edible Oil Imports Up 36%

The country imported 312,584 tonne edible oil in January, an increase of 36 per cent from the corresponding month last year, said the Solvent Extractors' Association. However, the edible oil imports in January were 15% lower from December, according to the association's data. Non-edible oil imports during January were 36,110 tonne, up from 23,626 tonne a year ago, but down from 72,890 tonne in December. The country's November-January edible oil imports stood at 932,214 tonne, up 20 per cent compared with the same period a year ago. Non-edible oil imports during the three months were 158,792 tonne, up 7.8 per cent on year. Industry officials said edible oil imports had risen sharply in December in the wake of lower kharif oilseed output estimates. Industry estimates peg India's kharif oilseed output at 12.3 million tonne down 1.4 million tonne on year. In the current oil year which started November, edible oil imports are seen at 5.0-5.1 million tonne, up 700,000 tonne from last year due to the expected decline in kharif oilseed output. In the year ended October 31, the country had imported 4.42 million tonne edible oil, down 12 per cent on year due to better domestic availability. India imposes 70 per cent import duty on crude palm oil and 45 per cent on crude soyoil. Prior to August 14, the duty on crude palm oil was 80 per cent. The reduced duty on palm oil, which was to be earlier valid only till December 31, has been extended for an indefinite period to check spiralling prices of essential food items.