Indian Import of Vegetable Oils Up in January

Data from the Solvent Extractors Association (SEA) of India showed the country’s export of vegetable oils (edible and non-edible) in January this year hiked 16% to 1.271 million MT from 1.097 million MT in the same month year-ago.  Bulk of import was edible oil at 1.252 million MT and the balance at 18,802 MT was non-edible oils.  The cumulative import for the first quarter of the oil year 2021/22 (November 2021-January 2022) at 3.671 million MT likewise was higher by 3.2% from 3.556 million MT at the same time last year.
During the three-month period, import of RBD palm olein sharply increased and was reported at 216,522 MT as against only 15,601 MT in the same period year-earlier.  The reduction in effective import duty on palm olein (refined palm oil) from 19.25% to 13.75% without simultaneous reduction in import duty on crude palm oil (CPO) last December has reduced the effective duty difference from 11% to 5.5% leading to increased imports of refined palm olein at the cost of CPO, which is the raw material for domestic refineries, SEA said in a statement. Rising shipment of RBD palm olein is threatening the survival of domestic palm oil refineries, it added.