India's Vegetable Oil Imports Fell By 11% Y-O-Y In December (13-Jan-2012)
India's vegetable oil imports in December fell by 11% from a year earlier to 669,912 metric tonnes, however the fall was much sharper of 21.7% month on month compared to the export in November, mainly because of rising stocks and higher output of summer-sown oilseeds.
The Solvent Extractors' Association of India reported that Edible oil imports in the second month of the marketing year, which began November 1 decreased to 654,714 tonnes from 730,194 tonnes. It further stated that the total stocks, both at ports and in pipelines, increased by 40,000 tonnes in December to 1.34 million tonnes.
India is the world's largest edible oil importer, sources more than half of its requirements of palm oil from Indonesia and Malaysia, and soyoil from Argentina and Brazil. Imports of crude palm oil in December fell 17% to 436,789 tonnes, while purchases of refined, bleached and deodorized palm olein slipped marginally to 107,041 tonnes from 107,743 tonnes.
Soyoil imports plunged to 7,387 tonnes in December from 48,725 tonnes a year earlier on higher soybean output and a shift in demand to cheaper sunflower oil. Production of soybean, India's biggest oilseed crop, is likely to increase 21% to 11.5 million tonnes in 2011-12.
Sunflower purchases more than doubled to 94,000 tonnes in December, said the Solvent Extractors' Association. Usually, sunflower oil commands a premium over soyoil thanks to its better quality, but now it is trading at a discount to soyoil on expectations of higher global production.
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