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Imports of edible and non-edible vegetable oils in February ’17 up 17%
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Monday, 27 March, 2017, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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The Solvent Extractors’ Association of India has stated that the imports of edible and non-edible vegetable oils for the month of February 2017 were up 17 per cent vis-a-vis those in February 2016. It was reported to be 1,270,443 tons (which consisted of 1,234,255 tons of edible oils and 36,188 tons of non-edible oils) compared to 1,082,009 tons in February 2016. The overall import of vegetable oils during the first four months of the current oil year (2016-17) - i.e. between November 2016 and February 2017 - was reported to be 4,680,451 tons compared to 5,098,400 tons in the corresponding period of the previous year (i.e. down by eight per cent).
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Import
of vegetable oil (edible and non-edible)
between
November 2016 and February 2017
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Month
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2016-17
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2015-16
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Percentage
change
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Edible
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Non-edible
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Total
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Edible
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Non-edible
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Total
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November 2016
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1,155,863
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19,601
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1,175,464
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1,332,936
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4,499
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1,337,435
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(-)12%
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December 2016
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1,174,296
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35,389
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1,209,685
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1,409,435
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11,467
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1,420,902
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(-)15%
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January 2017
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1,008,085
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16,774
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1,024,859
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1,255,054
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3,000
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1,258,054
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(-)19%
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February 2017
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1,234,255
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36,188
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1,270,443
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1,065,517
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16,492
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1,082,009
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(+)17%
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Total
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4,572,499
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107,952
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4,680,451
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5,062,942
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35,458
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5,098,400
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(-)8%
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Import has reduced due to good kharif oilseed crops and thus better domestic availability of edible oils. Also, the currency crunch, due to demonetisation, has slowed down purchases by end consumers during the first quarter of the year and also affected the demand and import to some extent.
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Stock
position at ports and pipelines as on the first day of every month (in
thousands)
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Stocks
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March
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February
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January
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December
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November
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October
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September
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August
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July
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June
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May
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April
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March
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Port stock
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775
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642
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695
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655
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705
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860
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755
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770
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878
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865
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940
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890
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910
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Pipelines
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1,190
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1,088
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1,150
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1,170
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1,230
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1,230
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1,300
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1,380
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1,442
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1,465
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1,500
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1,420
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1,450
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Total
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1,965
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1,730
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1,845
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1,825
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1,935
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2,090
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2,055
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2,150
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2,320
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2,330
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2,440
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2,310
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2,360
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Stock position at ports and in pipelines
The stock of edible oils as on March 1, 2017 at various ports is estimated to be 7,75,000 tons [which includes 2,90,000 tons of CPO, 1,60,000 tons of RBD Palmolein, 1,80,000 tons of degummed soybean oil, 1,30,000 tons of crude sunflower oil and 15,000 tons of rapeseed (canola) oil)] and about 1,190,000 tons in pipelines.
The total stock at ports and in pipelines increased to 1,965,000 tons from 1,730,000 tons in February 2017, due to higher imports during February 2017. The overall stock as on March 1, 2017 has increased by 2,35,000 tons compared to February 1, 2017. India’s monthly requirement is about 16.50 lakh tons, which is 30 days’ stock. Against this, the current stock is 19.65 lakh tons, which is equal to 36 days’ requirements.
Import of refined and crude oil ratio
Between November 2016 and February 2017, the import of refined oil (RBD Palmolein) has increased to 9,16,438 tons from 7,91,352 tons in the corresponding period of last year, while the import of crude oil decreased to 3,656,061 tons from 4,271,590 tons during the corresponding period of last year.
Import of palm and soft oil
Between November 2016 and February 2017, the imports of palm oil decreased to 2,869,438 tons from 2,947,385 tons during the corresponding period of last year. However, the overall share of palm oil products increased to 63 per cent from 58 per cent, thanks to larger import of RBD Palmolein. The import of soft oils import reduced to 1,703,061 tons from 2,115,557 tons last year. However, within soft oils, the import of sunflower oil has sharply increased at the cost of soybean oil.
Average prices and rupee depreciation
April 2016 onwards, the landed price of RBD Palmolein has remained same or lower than CPO, encouraging larger import of RBD Palmolein at the cost of CPO. The spread between palm oil and soft oil also reduced encouraging larger import of soft oils. Also, importers continue to make larger import purchases of sunflower oil, taking advantage of the attractive price compared to soybean oil.
Import of non-edible oils
Import of non-edible oils between November 2016 and February 2017 was reported at 1,07,952 tons compared to 35,458 tons during the same period last year. PFAD, PKFAD, CPS and RBD Palm Sterin are the major imports of non-edible oils.
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