Owing to already piled-up stocks at ports, India’s vegetable oil imports dipped by 22 per cent to 5,43,000 tonnes in April as against 6,99,000 tonnes in the year-ago period, the Solvent Extractors Association of India (SEA) has said.
The import of vegetable oils in the first six months of the current oil year starting November was reported at 42,90,000 tonnes, almost the same as the last year figure of 42,92,000 tonnes, it said in a statement. “The shipments have slowed down from February onwards due to excessive import of vegetable oil in the first quarter of the current oil year (October-November),” SEA Executive Director B V Mehta said.
He added that the edible oil stocks at various ports as on May 1 were estimated to be 5,75,000 tonnes and about 6,50,000 tonnes was in the pipelines.
At present, there was a total stock of 12,25,000 tonnes, equivalent to a month’s requirement of the country, he added.
According to data released by SEA, of the total vegetable oil import in April, edible oil accounted for 5,04,000 tonnes and non-edible for 38,842 tonnes. During April 2009,
The government had scrapped the import duties on crude edible oils and reduced the duty on refined oils by 7.5 per cent to keep the prices of cooking oils under check.
According to the data, refined oil share was 13 per cent of the total edible oil imports, while the rest 87 per cent was crude.
Crude palm oil import declined to 2,70,000 tonnes in April, as against 4,31,000 tonnes in the year-ago period. The shipment of RBD palmolein dipped to 67,604 tonnes from 1,03,000 tonnes.
However, the import of soybean oil increased to 84,888 tonnes from 26,206 tonnes in the review period.
The benchmark July crude palm oil futures on Bursa Malaysia Derivatives Exchange closed down 1.4 percent or 35 ringgit to 2,472 ringgit ($772.5) a tonne after falling at one point to as low as 2,466 ringgit, a level unseen since April 20.
Raising concerns about the large stock of domestic oilseeds still available for crushing, Mehta said, “If the government does not encourage processing of local seeds through policy measures like imposing import duty on vegetable oil, then carry-over stocks may reach alarming levels discouraging sowing of the crop during the kharif season.”
He added that currently, about 1,45,00,000 tonnes of oilseeds was available for crushing in the country. According to SEA,
Monday, May 17, 2010
Vegetable oil imports decline 22 % in April
Industry Research Reports
LIC Term Insurance or Pvt Life Insurance Term Plan ? Which is the best term insurance in India ? Which Insurance company has the best cla...
આજકાલ કોઈપણ સમસ્યા હોય લોકો એન્ટિબાયોટિક્સ અંગ્રેજી દવાઓ લેવાનું વધુ પસંદ કરતાં હોય છે કારણ કે આજની પેઢીને આપણા જુનવાણી નુસખા વિશે જાણ હોત...
Introduction The Japanese began using candlestick patterns for over 100 years before the West developed the bar and point and figure syst...
While investing in Mutual Funds, you go through fund reviews, watch funds performance, track historical performance, find out what ex...
મ્યુચ્યુઅલ ફંડ્સના સોદામાં ઉચ્ચ સ્તરની પારદર્શકતા આવે તે હેતુથી શેરબજાર નિયમનકારી સંસ્થા સેબીએ એજન્ટ્સને ચૂકવેલું પુરેપુરું કમિશન જાહેર કરવ...
સેબીએ કોમોડિટી ડેરિવેટિવ્ઝ માર્કેટના નિયમનને કડક બનાવ્યાના એક વર્ષ પછી કોમોડિટી એક્સ્ચેન્જિસની વૃદ્ધિના પગલાની શરૂઆત કરી છે. MCX અને NCDEX ...
Equity Linked Savings Scheme (ELSS) is the best tax saving (Section 80C) investment option for investors looking to create long term w...
સીબીઆઈ કોર્ટે બુધવારે એફટીઆઈએલ જૂથના સ્થાપક જિજ્ઞેશ શાહને 26 સપ્ટેમ્બર સુધી પોલિસ કસ્ટડીમાં રાખવા આદેશ આપ્યો હતો. સીબીઆઈએ 30 સપ્ટેમ્બર સુ...
મેનેજમેન્ટ સ્નાતકો માટે ઇન્વેસ્ટમેન્ટ બેન્કિંગમાં કારકિર્દી હંમેશા આકર્ષક રહી છે. જોકે, હવે આ સેક્ટરના પડકારોને લીધે ઘણા મેનેજમેન્ટ સ્નાત...
The Federal Open Market Committee (FOMC), a branch of the US Federal Reserve Board that decides US monetary policy, meets eight times ever...