The country’s overall vegetable oil imports declined in May — for the first time since November 2015 — to 1,024,878 tonnes, 25 per cent lower than in the same month last year.
On a month-on-month basis, total vegetable oil imports fell by over 200,000 tonnes from 1,248,887 tonnes reported in April 2016, data compiled by Solvent Extractors’ Association (SEA) of India showed. For the first time since January, the refined oil imports declined in May to 2,61,159 tonnes — about 20 per cent lower than 3,25,902 tonnes in the previous month. The fall is attributed to lower domestic demand and availability of cheaper alternate edible oils. SEA data point out that overall imports of vegetable oils during the first seven months of the current oil year, 2015-16 (November to May) stood at 8,593,587 tonnes (7,833,524 tonnes), showing a rise of 10 per cent.