Vegetable oil imports of India rise by 46 pc
According to the solvent Extractors’ Association of India (SEA), country’s vegetable oil imports increased by 46 per cent to 17.71 lakh tonnes (lt) in July this year, the rise in palm oil shipments, caused the rise.
The country’s vegetable oil imports stood at 12.14 lakh tonnes in the year-ago period, it said. Similarly, during the first nine months of the 2022-23 oil year (November-October), the overall import of vegetable oils increased 23 percent to 122.54 lakh tonnes from 99.74 lakh tonnes in the same period last year. The Vegetable oil imports comprise both edible and non-edible oils.
According to SEA, edible oil imports rose 46 per cent to 17.55 lakh tonnes during July this year, when compared to 12.05 lakh tonnes in the year-ago period. The Non-edible oil imports too increased to 15,999 tonnes from 9,069 tonnes in the said period.
Attributing the sharp reduction in domestic prices of edible oils, for the increased demand, Sea said, “Demand has returned which is evident from the rising import in spite of better domestic availability reflecting in July data”.
Keeping in mind the import of edible oils in the first 9 months of the current marketing year, the industry body said it will not be surprised to see a “record” import of vegetable oils at 150 to 155 lakh tonnes in the current oil year ending October 2023. India holds a huge stock for nearly 45 days requirements and supply chain will be comfortable during festival season, it added.
To note, India imports palm oil mainly from Indonesia and Malaysia. It also imports a small quantity of crude soft oil, including soybean oil from Argentina. Sunflower oil is imported from Ukraine and Russia.