India’s Vegetable Oil Import Fell in June

India’s vegetable oils import fell by 23 per cent in June to 10.42 lakh tons on rupee depreciation, customs duty structure and credit-crunch in the market, according to edible oil industry body Solvent Extractors Assocition of India (SEA). “Import of vegetable oils during June 2018 is reported at 1,042,003 tons compared to 1,344,868 tons in June 2017, down by 23 per cent,” Solvent Extractors’ Association of India said in a statement. 

The current duty structure coupled with rupee depreciation and credit crunch in the market has slowed down the import, it added. While import of edible oil fell to 1,007,563 ton in June from 1,293,777 tons in the year-ago period, the shipments of non-edible oils declined to 34,440 tons from 51,091 tons during the review period. 
  
Oil year runs from November to October.  During November 2017 to June 2018 period, the import of vegetable oils  (comprising edible oil and non-edible oil) fell by 2 per cent to 9,646,538 tons as against 9,867,572 tons in the corresponding period of the previous year. During November-June period of 2017/18 oil year, SEA said that the overall palm oil import has decreased to 5,557,723 tons from 5,925,563 tons. Soft oils (like soyabean) import increased to 3,843,053 tons from 3,690,395 tons during the same period of last year.