Wednesday, January 14, 2009

UPDATE 1-India's Dec qtr edible oil imports jump - trade

MUMBAI, Jan 14 (Reuters) - India's edible oil imports in the December quarter rose 80 percent from a year ago after a sharp drop in global prices and in anticipation of new import duties by the federal government, a leading trade body said on Wednesday.

Imports in the October-December period touched 2.02 million tonnes compared to 1.13 million in the same period a year ago, the Solvent Extractors' Association said in a statement.

Edible oil prices hit year lows in the middle of November, before recovering partially, the statement said. The fall was mainly due to a drop in crude oil prices.

Prices of crude palm oil at Indian ports fell to $440 a tonne on Nov. 17 from $645 on Oct. 3. Prices later recovered to $570 as on Jan. 13.

In November, the government imposed duty on imports of crude soyoil to protect local growers. (Reporting by Himangshu Watts and Abhishek Shanker)

0 comments :