Edible Oil Imports
GGN Research sees India's Nov edible oil imports up 11% MoM at 1.59 mln tn
This story was originally published at 20:05 IST on 4 December 2024
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By Anjali Lavania
MUMBAI – India's edible oil imports are estimated to have risen 11% on month to 1.59 million tonnes in November on the back of a rise in soyoil and sunflower oil, according to estimates by GGN Research, accessed by Informist. India's edible oil imports were 1.43 million tonnes in October and 1.15 million tonnes in November last year.
"This import volume marked a four-month-high, setting a record for the month of November," Rajesh G. Patel, managing partner of GGN Research, said.
Total palm oil imports in November are estimated to fall slightly to 842,000 tonnes from 846,000 tonnes in October and 869,000 tonnes in November last year. "The palm oil imports turned out to be, as expected, slightly lower by 50,000 tonnes than our first estimate," Patel said.
On the other hand, sunflower oil imports in November are estimated to have increased 42.6% on-month and 164% on-year to 341,000 tonnes, the data showed. Sunflower oil imports were 129,000 tonnes in November last year, according to the data. Sunflower oil imports hit a four-month high in November, Patel said.
Total soyoil imports in November is seen rising 19% on-month to 408,000 tonnes, as per the data from GGN Research. Soyoil imports were 150,000 tonnes in November last year, according to the data.
"The (northeast) monsoon started in southern India where sunflower oil and palm oil are consumed the most. Hence, there can be a slight demand switch from palm oil to soyoil and sunflower oil as palm becomes a little hazy during this period," Patel said.
"Incoming vessel arrival was late due to delayed loading at exporting countries, plus we had berthing delay of around 5 to 7 days at Kandla port, which is the reason why we have more vessels waiting to be unloaded as on date," Patel said.
As of Dec. 1, there are additional vessels waiting to arrive in the next few days, carrying a total of 393,000 tonnes of edible oil (142,000 of palm oil, 188,000 tonnes of soyoil, and 63,000 tonnes of sunflower oil), the report said.
The Solvent Extractors' Association of India is scheduled to release its data on imports of edible oil for November by Dec. 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 Saji George Titus
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