Vegetable oil imports rose 2 per cent to 9.17 lakh tonnes last month against 8.96 lakh tonnes in the year-ago period.
“Import of RBD palmolein touched 3,73,837 tonnes in May 2013, highest in any single month since edible oil imports were allowed under OGL in 1994,” the Solvent Extractors’ Association of India said in a statement today.
The association attributed the record import of RBD palmolein to reduction in duty difference between crude and refined palmolein and inverted duty structure by palm oil exporting countries.
During November 2012-May 2013, vegetable oil imports rose 10.43 per cent to 61.97 lakh tonnes compared to 56.11 lakh tonnes in the year-ago period.
Oil year runs from November to October.
Edible oil stocks as on June 1, 2013 at various ports were estimated at 6.75 lakh tonnes and about 13 lakh tonnes are in the pipeline, SEA said.
In the first seven months of 2012-13 oil year, palm oil imports increased to 50.82 lakh tonnes against 41.64 lakh tonnes in the corresponding period previous year. However, soft oils imports fell to 9.47 lakh tonnes from 13.22 lakh tonnes.
India imports palm oil from Indonesia and Malaysia and soyabean oil from Argentina and Brazil.