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Informist, Tuesday, Nov. 12, 2024

 

By Anjali Lavania

 

MUMBAI – India's edible oil imports are estimated to have risen 34% on month to 1.42 million tonnes in October on the back of a rise in imports of palm oil and sunflower oil, according to estimates by GGN Research, accessed by Informist. In October last year, edible oil imports were at 997,000 tonnes, GGN Research data showed.

 

"During the month of October, imports increased by 34% compared to the previous month, the reason being Diwali demand was there and refiners, importers were seeing a spike in demand," Rajesh G. Patel, managing partner at GGN Research, told Informist.

 

Total palm oil imports in October may have surged to 842,000 tonnes from 527,000 tonnes in September and 708,000 tonnes in October last year. "During the previous month, imports of palm oil and products were quite low compared to our average imports as we saw some negative margins in that period as well as there being a tight supply position during that period," said Gujarat-based Patel. Palm oil accounts for around 60% of India's edible oil imports. 

 

Similarly, sunflower oil imports in October are estimated to have increased 56% on month and 55% on year to 239,000 tonnes, the data showed. Sunflower oil imports were 154,000 tonnes during the same period last year, according to the data.

 

However, total soyoil imports in October may fall 11% on month to 342,000 tonnes. "Soyoil imports declined to 342,000 tonnes, down 11% from September but up 153% compared to the same month last year," GGN Research said. Soyoil imports were 135,000 tonnes during the same period last year, according to the data. "Soyoil arrivals at various ports got a bit delayed, leading to fewer imports," Patel said. 

 

India's total import of edible oils for oil year 2023-24 (Nov-Oct) has declined 3.5%, totalling 15.95 million tonnes compared to 16.46 million tonnes in the previous year. This decrease is primarily driven by an 8% drop in palm oil imports, which fell to 9 million tonnes. Additionally, soybean oil imports decreased 6% to 3.44 million tonnes. By contrast, sunflower oil imports saw a notable increase of 17% at 3.51 million tonnes, the GGN Research data showed. 

 

As of Nov. 1, there are additional vessels waiting to discharge and arrive in the next few days, carrying a total of 470,000 tonnes of edible oil (199,000 of palm oil, 196,000 tonnes of soyoil, and 75,000 tonnes of sunflower oil), the report said. 

 

The Solvent Extractors' Association of India is scheduled to release its data on imports of edible oil in October by Nov. 15. India imports palm oil from Indonesia, Malaysia, and Thailand and imports soyoil and sunflower oil from Argentina, Brazil, Ukraine and Russia.  End

 

Edited by Avishek Dutta

 

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