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NEWS ADMIN

Mahamad Rodzi Abdul Ghani

DATE

05/08/2003

NEWS PROVIDER

Mahamad Rodzi Abdul Ghani

NEWS SOURCE

Bernama

CATEGORY

HEADLINE

Edible Oil Imports Go Up On Festival Demand
New Delhi, Aug 4 (Bernama) -- Edible oil imports by India rose to 578,000tonnes, up from 536,000 tonnes in June, according to quick estimates byOilmandi.com, an industry portal.

July imports comprised broadly 244,000 tonnes of degummed soyabean oil,194,000 tonnes of crude palm oil, 89,000 tones of crude olean; 25,600tonnes of refined palmolein and 17,000 tonnes of crude sunflower oil, saysa report in the financial daily, the Hindu Business Line quoting theportal.

Imports of crude olein declined from their high levels in earlier monthswhile Vegetable oil imports since the beginning of the current oil year(November 2002 to July 2003), totalled 3.92 million tonnes, almost amillion tonnes more than 2.97 million tonnes during the same period of theprevious year, the report says.

Crude palm oil and crude olein constituted about 70 percent of totalimports, the report said.

It also said that the volume of imports into large markets like India willshrink significantly after September when indigenous oils will startflowing.

However, August, September and October are months of peak consumption inIndia with a series of festivals pushing cooking oil use manifold.

With paucity of indigenous oils, the market has to depend almostexclusively on imports, which are bound to go up.

With the landed cost of edible oils declining as a result of fallinginternational prices and firming up of the rupee value, consumers can lookforward to friendly prices and comfortable availability of edible oil, thereport adds.

-- BERNAMA