India's vegetable oil imports hit a record high in 2008/09
India's vegetable oil imports hit a record high in 2008/09
The Solvent Extractors' Association of India said on November 16 that in 2008/09 (November to October of the following year), India's total vegetable oil imports rose 37% year on year to a record 8.66 million tonnes. Edible oil imports rose 46% year on year to 8.18 million tonnes.
The increase in edible oil imports in 2008/09 also raised domestic oilseed ending stocks. India's rapeseed ending stocks this year may be 2 million tonnes, while soybean stocks may be 500,000 to 600,000 tonnes.
In 2008/09, India imported 5.2 million tonnes of crude palm oil, compared with 4 million tonnes the previous year. Imports of 24-degree refined palm oil were 1.2 million tonnes, compared with 730,794 tonnes the previous year. Soybean oil imports were 989,613 tonnes, up from 759,433 tonnes the previous year. Sunflower oil imports were 590,175 tonnes, compared with 26,490 tonnes the previous year.
After a five-year suspension, India began importing rapeseed oil in 2008/09, with volumes reaching 46,000 tonnes.
However, non-edible oil imports fell 29% year on year to 459,599 tonnes because of increased crude palm oil imports. Non-edible oils are mainly used to produce soap and detergents.
In October, India's vegetable oil imports fell 19% year on year to 667,276 tonnes. Total edible oil imports in October were 615,066 tonnes, below 786,652 tonnes in the same period the previous year, because of a sharp drop in soybean oil imports. The start of the domestic soybean processing peak season slowed soybean oil imports.
In October, soybean oil imports fell 55% year on year to 56,218 tonnes.
The Solvent Extractors' Association of India said rising per capita consumption, a zero import tariff on crude edible oil, and an import tariff of only 7.5% on refined edible oil greatly increased the scale of imports.
Even during the domestic oilseed processing peak season, vegetable oil imports unexpectedly did not decline, averaging about 2 million tonnes per quarter.
Last year the government abolished the import tariff on crude edible oil and lowered the import tariff on refined edible oil from 27.5% to 7.5%, to improve domestic supply and curb price increases.
Traders said India's per capita edible oil consumption rose to 12.8 kg in 2008/09, compared with 11.4 kg the previous year, because of falling edible oil prices.
Analysts expect that edible oil imports in 2009/10 are unlikely to decline, but will remain at the previous year's level, because consumption is rising while prices are falling.
The increase in edible oil imports in 2008/09 also raised domestic oilseed ending stocks. India's rapeseed ending stocks this year may be 2 million tonnes, while soybean stocks may be 500,000 to 600,000 tonnes.
In 2008/09, India imported 5.2 million tonnes of crude palm oil, compared with 4 million tonnes the previous year. Imports of 24-degree refined palm oil were 1.2 million tonnes, compared with 730,794 tonnes the previous year. Soybean oil imports were 989,613 tonnes, up from 759,433 tonnes the previous year. Sunflower oil imports were 590,175 tonnes, compared with 26,490 tonnes the previous year.
After a five-year suspension, India began importing rapeseed oil in 2008/09, with volumes reaching 46,000 tonnes.
However, non-edible oil imports fell 29% year on year to 459,599 tonnes because of increased crude palm oil imports. Non-edible oils are mainly used to produce soap and detergents.
In October, India's vegetable oil imports fell 19% year on year to 667,276 tonnes. Total edible oil imports in October were 615,066 tonnes, below 786,652 tonnes in the same period the previous year, because of a sharp drop in soybean oil imports. The start of the domestic soybean processing peak season slowed soybean oil imports.
In October, soybean oil imports fell 55% year on year to 56,218 tonnes.
The Solvent Extractors' Association of India said rising per capita consumption, a zero import tariff on crude edible oil, and an import tariff of only 7.5% on refined edible oil greatly increased the scale of imports.
Even during the domestic oilseed processing peak season, vegetable oil imports unexpectedly did not decline, averaging about 2 million tonnes per quarter.
Last year the government abolished the import tariff on crude edible oil and lowered the import tariff on refined edible oil from 27.5% to 7.5%, to improve domestic supply and curb price increases.
Traders said India's per capita edible oil consumption rose to 12.8 kg in 2008/09, compared with 11.4 kg the previous year, because of falling edible oil prices.
Analysts expect that edible oil imports in 2009/10 are unlikely to decline, but will remain at the previous year's level, because consumption is rising while prices are falling.