The Solvent Extractors' Association of India has compiled the Import data of Vegetable Oils (edible & non-edible) for the month of November 2014. Import of vegetable oils during November 2014 is reported at 1,189,934 tonnes compared to 944,309 tonnes in November 2013, consisting of 1,149,131 tonnes of edible oils and 40,803 tonnes of non-edible oils i.e. up by 26%. but Compare to oct.14 import down 6.58%.
In last two months, due to Nil export duty on palm products by Indonesia and Malaysia, lowest prices of palm products in last 5 years and reduced demand of CPO for bio diesel, pushed the export of palm products to India to reduce burgeoning stock held by the exporting countries. Also, due to high prices of soybean and lesser realization for oil and soybean meal in export market, resulted in lower crushing and availability of domestic oil coupled with anticipated increase in import duty by the Indian Government, raised the import during November 2014 to a record level compared to November 2013 & November 2012.
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