Agri Buzz: Vegetable Oil Imports Slide 10% On Year In December 2021

12 Jan 2022 , 12:17 PM

The Solvent Extractors’ Association of India (SEA) has stated that Indias import of vegetable oils during December 2021 is reported at 1,226,686 tons compared to 1,356,585 tons in December 2020, consisting 1,216,863 tons of edible oils and 9,823 tons of non-edible oils i.e. down by 10%. The overall import of vegetable oils during first two months of oil year 2021-22, Nov.-Dec’ 21 is reported at 2,411,490 tons compared to 2,459,484 tons during the same period of last year i.e. down by 2.4%. The import of soybean oil is up by 51% due to declining of domestic crushing, while palm oil import suffered and down by 20% in first two months of the oil year 2021-22.

During Nov.- Dec. 2021, Import of RBD Palmolein increased and reported at 82,267 tons compared to 12,900 tons during the same period of last year. The reduction in effective import duty on Palmolein (refined Palm) from 19.25% to 13.75% without simultaneous reduction in import duty on CPO has the potential to increase the imports of Refined Palmolein at the cost of CPO which is the raw material for domestic Refineries. In view of this, import of crude oil decreased to 2,273,419 tons (96.5%) compared to 2,398,590 tons (99.5%) in Nov.-Dec.,2021

Powered by Commodity Insights