NEW DELHI: Import of vegetable oils is up by 13% in November according to data complied by the Solvent Extractors’ Association of India.
Import of vegetable oils during November 2015 is reported at 1,342,435 tons compared to 1,189,934 tons in November, 2014, consisting of 1,337,936 tons of edible oils and 4,499 tons of non-edible oils- up by 13% mainly due to Excess supply of veg. oils in international market coupled with low price and and Nil export duty by Indonesia and Malaysia boosted their export to India.
Domestic edible oil industry and farming communities are hit by the current upward trend of edible oil imports, which has increased by 24% during 2014-15 over the same period of last year (14.4 million tons of edible oil was imported from Nov.,2014 to Oct.,2015). It is a well known fact that globally the prices of edible oil are historically low since 2008, and had affected the domestic players.
