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Informist, Wednesday, Aug 7, 2024

 

By Anjali Lavania

 

MUMBAI – India's imports of edible oil are likely to have risen around 22% on month to 1.9 mln tn in July on higher shipments of crude palm oil and crude soyoil. However, India's crude sunflower imports are estimated to have fallen 35.8% to 299,641 tn from 467,039 tn in June, according to the Sunvin Group.

 

"July imports are among the highest in recent times in the country," Sunvin Group Chief Executive Officer Sandeep Bajoria told Informist. He said this was because of the festival season coming up, and because it is the off season for local crops. People start buying edible oil for festivals a month in advance, he said. "Sunflower oil stocks are in huge quantities in India, so in July, imports of sunflower oil are estimated to come down comparatively," Bajoria said.

 

"Moreover, purchasing has been very slow from government agencies like National Agricultural Co-operative Marketing Federation of India Ltd. All these factors together prompted India to import so much," Bajoria said.

 

However, from Aug-Oct, imports will come down, he said. "August imports will not be more than 1.5 mln tn and those for September and October will not be more than 1.4 mln tn," Bajoria said. 

 

"Currently, prices for August shipments of sunflower oil are at $995 per tn, including cost, insurance and freight, crude palm oil at $990 per tn, and crude soyoil at $990 per tn, including cost and freight," Bajoria said. "Import prices for all three oils are the same nearly, and it looks one of the lowest bands till now of these prices," he said. 

 

Imports of soyoil, another soft oil, are estimated to have increased significantly, by 91.4%, to 469,441 tn in July from 245,220 tn in June. Similarly, according to the Sunvin Group, crude palm oil imports in July are estimated to have risen 32% to 913,476 tn in July from 693,182 tn in July. 

 

The Solvent Extractors' Association of India is scheduled to release its figures for imports of edible oil by Aug 15. India imports palm oil from Indonesia, Malaysia, and Thailand, while soyoil and sunflower oil are imported from Argentina, Brazil, Ukraine, and Russia. End

 

Edited by Rajeev Pai

 

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