Wednesday, May 13, 2009

UPDATE 1-India's April veg oil imports double y/y

NEW DELHI, May 13 (Reuters) - India's edible oil imports in April doubled to 659,477 tonnes from a year ago, slightly higher than forecasts, as domestic demand rose and local oilseed output was lower than expectations, a leading trade body said.

April imports were 8.2 percent higher than March, while stocks were equivalent of one month's imports, lower than expected, the Solvent Extractors' Association of India (SEA) said on Wednesday.

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Vegetable oil imports in April rose to 699,396 tonnes, twice as much as a year ago and were likely to be in the range of 650,000-700,000 tonnes a month for the next six months, it said.

Imports of vegetable oils in the first half of oil year that began last November rose to 4.3 million tonnes from 2.6 million tonnes a year earlier, due to friendlier tax regime.

"Palm products have appreciated by about $250 since November, still with nil duty is attractive," said B.V. Mehta, executive director of the trade body.

In April, palm oil imports stood at 555,872 tonnes, including 431,637 tonnes of the crude palm oil, which was 46 percent higher than a year earlier.

Crude soyoil imports stood at 26,206 tonnes, lower than 46,346 tonnes imported in March.

Imports of sunflower oil also came down to 66,730 tonnes from 84,120 tonnes in the previous month.

Non-edible imports were at 39,919 tonnes in April against 37,703 tonnes a year ago.

India, a net edible oil importer, buys mainly palm oils from Indonesia, Malaysia and small quantity of soyoil from Argentina and Brazil. (Reporting by Ratnajyoti Dutta)

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