• Home
  • Contact Us
  • Privacy & Policy
Friday, August 12, 2022
Finances Advise
No Result
View All Result
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading
No Result
View All Result
Finances Advise
No Result
View All Result
Home Commodities

Edible oil imports down 27% in February

by admin
March 12, 2021
in Commodities
0
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter


Excessive import of crude palm oil (CPO) in the previous two months and higher prices of soft oils such as sunflower seem to have impacted the import of edible oils.

The import of edible oils came down by 26.89 per cent in February 2021 and 3.85 per cent in the first five months of the oil year 2020-21.

According to the data compiled by Solvent Extractors’ Association (SEA) of India, the country imported 796,568 tonnes of edible oil in February 2021 against 1,089,661 tonnes in the corresponding period of 2020; and 4,454,588 tonnes during November-February 2020-21 against 4,282,693 tonnes in November-February of 2019-20.

BV Mehta, Executive Director of SEA of India, told BusinessLine that CIF value for sunflower oil is at $1,765 a tonne now. Terming it as the highest in the last 13 years, he said the import of sunflower oil has reduced drastically now.

The average CIF value of imported crude sunflower oil was $1,400/tonne in February and $1,319 in January. The import of sunflower oil stood at 7,70,364 tonnes during November-February 2020-21 (9,89,565 tonnes in November-February of 2019-20).

He said there was excessive import of palm oil during December-January period. As a result, there is stock of this commodity in the market. The country imported 7,70,392 tonnes of palm oil in December and 7,80,741 tonnes in January. However, it imported only 3,94,495 tonnes of palm oil in February.

“Since the prices have gone up significantly, people are operating at the lowest inventory. Earlier they used to buy and keep it for 20-30 days stock,” Mehta said, adding that the high price of edible oil is sinking the consumption.

OUTLOOK

Asked if the overall import will go up in the coming months, he said the country imported around 13.2 million tonnes of vegetable oils in the last oil year. He opined that the country may import at that level or lower than that during the current year.

Giving reasons for this, he said the country has seen good soyabean crop and good groundnut crop this year, and it is expecting a good mustard crop. “So the availability of local oil is bound to increase by about 1-1.5 million tonnes this year. Because of the Covid and the high price the demand is squeezed,” he said.

The high price is supporting the farmers. Today, the price of soyabean is at around ₹5,350 per quintal against the MSP of ₹3,880, and RM seed is at around ₹5,800 against the MSP of ₹4,650 per quintal. So farmers are getting the best price now, he said.

TOTAL VEGOIL IMPORT

SEA of India’s data showed that the import of vegetable oils (which includes edible and non-edible oils) stood at 8,38,607 tonnes in February 2021 against 1,112,478 tonnes in February 2020, recording a decline of 25 per cent.

The overall import of vegetable oils was at 4,394,760 tonnes during November-February 2020-21 compared to 4,563,791 tonnes in the corresponding period of the previous year, recording a decline of 3.7 per cent.

Import of veg oils in February (in tonnes)

Oil

2021

2020

Edible

796568

1089661

Non-edible

42039

22817

Total veg oils

838607

1112478

Edible oil import (in tonnes)

Oil

November-February 2020-21

November-February 2019-20

Palm oil

2564096

2549127

Soybean oil

948233

915896

Sunflower oil

770364

989565

(Source: SEA of India)

Tags: downEdibleEdible oilFebruaryimportsoiloil yearpalm oilsoft oilssunflowervegoils
  • Trending
  • Comments
  • Latest

A 48-year market vet warns that the Fed will be forced to tighten policy ‘way sooner’ than investors anticipate as inflation continues to soar — triggering a stock market crash of up to 80%

August 28, 2021
27-year-old UG graduate now millionaire proposes to girlfriend on b’day in video

27-year-old UG graduate now millionaire proposes to girlfriend on b’day in video

August 9, 2021

‘It’s begging to be destroyed’: A stock trader who says he made more than $100,000 shorting the market during the 2008 crash just bet against the S&P 500 — and warns there’s a ‘fair chance’ stocks are about to drop 25%

September 11, 2021

Stocks tanked in the first quarter, and new research shows there should be a reversal by the end of June

April 15, 2022

UK Asset Manager Abrdn Becomes Digital Exchange Archax’s Largest External Shareholder

0

Uber Hacking: Customers Not at Risk of Financial Crime, Says Minister

0

Black Friday Merchants Look to Extend Moment of Retail Optimism

0

Hotshot Snapchat Founders Face a Dilemma: Lie Low or Live Large?

0

UK Asset Manager Abrdn Becomes Digital Exchange Archax’s Largest External Shareholder

August 12, 2022

Study: Number of People Working in Blockchain Industry Went up by 76%, Large Gap in Demand for Technical Talent Exists – Blockchain Bitcoin News

August 12, 2022

Indian Authorities Freeze Nearly $46M Assets of Troubled Crypto Lender Vauld: Report

August 12, 2022

German energy giant RWE to burn extra coal as Russian gas supplies dwindle

August 12, 2022

Recent News

UK Asset Manager Abrdn Becomes Digital Exchange Archax’s Largest External Shareholder

August 12, 2022

Study: Number of People Working in Blockchain Industry Went up by 76%, Large Gap in Demand for Technical Talent Exists – Blockchain Bitcoin News

August 12, 2022

Categories

  • Bitcoin
  • Block chain
  • Business
  • Commodities
  • Ethereum
  • Financial Advisors
  • Forex
  • Investing
  • Litecoin
  • Market Insider
  • Personal Finance
  • Stocks

Site Navigation

  • Home
  • Contact Us
  • Privacy & Policy

We bring the Best and latest Crypto News

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.