Mumbai, Nov 14 (UNI) The country's vegetable oil import has touched a new record of 8,27,000 tonne in October against 5,40,000 tonnes in September, showing an increase of 53 per cent, the city-based Solvent Extractors' Association of India said.
The sharp rise in import can be attributed to a lean domestic crushing season, a two-year low price in international markets and an anticipation of increase in import duty on edible oils that prompted traders to import more, said the association release. The total vegetable oil import during the oil year 2007-08 (November-October) was also at a new record of 6.31 million tonne and up by 12.89 per cent over the 2006-07 imports.
However, import of vanaspati came down to 50,000 tonne from 250,000 tonne in the previous year owing to low commercial viability.
UNI AR LY SKB1844