Vegetable oils import down 27% in July at 1.1 MT on import duty hike rupee fall Vegetable oils imports fell 27 percent in July to over 1.1 million tonne (MT) on hike in import duty and rupee depreciation according to industry data. The country had imported over 1.5 MT of vegetable oils (comprising both edible and non-edible oils) in the year ago period the Solvent Extractors Association of India (SEA) said in a statement. Import of vegetable oils during July 2018 is reported at 1119538 tonne compared to 1524724 tonne in July 2017. The current revision of import duty in June 2018 fast rupee depreciation and also credit crunch has led to negative growth in imports of vegetable oils SEA said. The rupee hit an all-time low of 70.1 to a US dollar earlier today on concerns over Turkeys economic woes. Edible oil imports declined to 1.05 MT in July from 1.48 MT in the same month last year. Out of total imports last month 52 percent was palm oil and 42 percent soft oils like soyabean and sunflower oil. However imports of non-edible oils rose to 65825 tonne from 35597 tonne during the period under review. In the first nine months of the current oil year 2017-18 ending October import of vegetable oils declined 5.5 percent to 10.76 MT compared to 11.39 MT during the year ago period. Edible oil imports fell to 10.45 MT during November 2017-July 2018 period from 11.10 MT in the corresponding period of the 2016-17 oil year. Of total cooking oils import palm oil shipments contributed 59 percent. Imports of non-edible oil however rose to 311587 tonne in the first nine months of 2017-18 oil year from 287201 tonne in the year ago period. Indias total demand for edible oils during 2017-18 is estimated at 23 MT. The stock of edible oils as on August 1 at various ports is estimated at 928000 tonne and about 1547000 tonne are in pipelines. In June the Centre raised the import duty by 5-10 per cent on non-palm edible oils both crude and refined ones in order to protect the interest of domestic oilseeds growers and processors. In March this year the government had raised the import duty on crude palm oils from 30 percent to 44 percent while that on refined palm oils to 54 percent from 40 percent. Source link The post Vegetable oils import down 27% in July at 1.1 MT on import duty hike rupee fall appeared first on Trending Hours.
May 2017 »
Vegetable oils import down 27% in July at 1.1 MT on import duty hike rupee fall Vegetable oils imports fell 27 percent in July to over 1.1 million tonne (MT) on hike in import duty and rupee depreciation according to industry data. The country had imported over 1.5 MT of vegetable oils (comprising both edible and non-edible oils) in the year ago period the Solvent Extractors Association of India (SEA) said in a statement. Import of vegetable oils during July 2018 is reported at 1119538 tonne compared to 1524724 tonne in July 2017. The current revision of import duty in June 2018 fast rupee depreciation and also credit crunch has led to negative growth in imports of vegetable oils SEA said. The rupee hit an all-time low of 70.1 to a US dollar earlier today on concerns over Turkeys economic woes. Edible oil imports declined to 1.05 MT in July from 1.48 MT in the same month last year. Out of total imports last month 52 percent was palm oil and 42 percent soft oils like soyabean and sunflower oil. However imports of non-edible oils rose to 65825 tonne from 35597 tonne during the period under review. In the first nine months of the current oil year 2017-18 ending October import of vegetable oils declined 5.5 percent to 10.76 MT compared to 11.39 MT during the year ago period. Edible oil imports fell to 10.45 MT during November 2017-July 2018 period from 11.10 MT in the corresponding period of the 2016-17 oil year. Of total cooking oils import palm oil shipments contributed 59 percent. Imports of non-edible oil however rose to 311587 tonne in the first nine months of 2017-18 oil year from 287201 tonne in the year ago period. Indias total demand for edible oils during 2017-18 is estimated at 23 MT. The stock of edible oils as on August 1 at various ports is estimated at 928000 tonne and about 1547000 tonne are in pipelines. In June the Centre raised the import duty by 5-10 per cent on non-palm edible oils both crude and refined ones in order to protect the interest of domestic oilseeds growers and processors. In March this year the government had raised the import duty on crude palm oils from 30 percent to 44 percent while that on refined palm oils to 54 percent from 40 percent. Source link The post Vegetable oils import down 27% in July at 1.1 MT on import duty hike rupee fall appeared first on Trending Hours.
