Indian Vegoil Imports Drop

NEW DELHI - Aug 16/06 - SNS -- India's edible oil imports dropped below year earlier levels in July, according to data compiled by the Solvent Extractors' Association of India (SEA).

Imports ended up at 463,735 metric tons (MT) compared to 514,559 MT during July 2005. Import during third quarter is down by 8% while overall for 9 months is down by 15% and reported at 3,052,605 MT compared to 3,576,978 MT of last year.

Import of refined oil has reduced from 11% to 3% while import of crude edible oil increased to 97% from 89% during November 2005 to July 2006 compared to corresponding period of last year.

"Refined oil ratio which was 6% in first quarter reduced to 4% in second quarter and further reduced to 1% in third quarter, thanks to duty difference between crude and refined oil which encouraged import of crude oil over refined oil, helping the better capacity utilization of domestic industry, value addition and employment within the country," the SEA said.

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