India’s edible oil imports surged sharply by registering a whopping 68 percent increase in the last four months of this fiscal as the sharp dip in global prices.
According to the latest update from Solvent Extractors Association (SEA), the sharp drop in the oil prices increased the domestic consumption level that paved way to import more edible oils.
However, the association noted that low domestic prices have caused the resistance of the farmers to sell their oilseeds, adversely affecting working of domestic Industry during peak crushing season.
The import of vegetable oils during February 2009 is up by 48% at 762,544 tons compared to 515,229 tons in February 2008. The overall import of vegetable oils during November 2008 to February 2009 (4 months) is reported at 2,951,551 tons compared to 1,761,670 tons i.e. up by 68%.
Import of Refined Oil during Nov.'08 to Feb.'09 is reported at 471,177 tons (17%) compared to 71,315 (5%) and Crude Oil is reported at 2,353,764 tons (83%) compared to 1,441,380 tons (95%) for the same period of last year.
According to the latest update from Solvent Extractors Association (SEA), the sharp drop in the oil prices increased the domestic consumption level that paved way to import more edible oils.
However, the association noted that low domestic prices have caused the resistance of the farmers to sell their oilseeds, adversely affecting working of domestic Industry during peak crushing season.
The import of vegetable oils during February 2009 is up by 48% at 762,544 tons compared to 515,229 tons in February 2008. The overall import of vegetable oils during November 2008 to February 2009 (4 months) is reported at 2,951,551 tons compared to 1,761,670 tons i.e. up by 68%.
Import of Refined Oil during Nov.'08 to Feb.'09 is reported at 471,177 tons (17%) compared to 71,315 (5%) and Crude Oil is reported at 2,353,764 tons (83%) compared to 1,441,380 tons (95%) for the same period of last year.