India Vegetable Oil imports up in July

India's Vegetable Oil imports rose 34% during July to 1.524 million tonnes from1.14 million tonnes in July 2016 on higher shipments of cheaper refined Palm Oil and rupee appreciation in the last six months, according to industry data.

Imports of edible oil rose to 1.48 million tonnes last month from 1.1 million tonnes in July 2016, the Solvent Extractors' Association said in a statement.

During November-July period of the 2016-17 Oil marketing year (Nov-Oct), the import of Vegetable Oils increased by 4% to 11.38 million tonnes compared to 10.9 million tonnes in the corresponding period of the previous year.

Edible oil imports went up to 11.10 million tonnes during the first nine months of the 2016-17 oil year from 10.78 million tonnes in the year-ago period.

Soyabean, Rapeseed and Groundnut are currently being sold below the minimum support price (MSP) and prices have fallen between 20% to 30% from last year, SEA said.

During November-July period, Palm Oil import increased to 6.74 million tonnes from 6.17 million tonnes during the same period of the previous oil year.

The share of Palm Oil products increased to 61% from 57%, thanks to larger import of RBD Palmolein, while soft oils import reduced to 4.35 million tonnes from 4.612 million tonnes during the period under review.