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Informist, Friday, Dec. 6, 2024

By Anjali Lavania

MUMBAI – India's edible oil imports are estimated to have risen to 1.52 million tonnes in November on the back of a rise in sunflower oil imports, according to estimates by Sunvin Group. India's edible oil imports were at 1.42 million tonnes in October and 1.15 million tonnes in November last year. 

"In November, imports have been pretty good," Sunvin Group Chief Executive Officer Sandeep Bajoria told Informist. However, in December imports are likely to fall, Bajoria said.

According to Sunvin Group, crude palm oil imports in November are estimated to have fallen 3.3% to 826,333 tn. "Palm is the costliest oil around as of now," Bajoria said. Palm oil is trading at around $1,310 per tonne for December shipment, he said. Imports in December are likely to fall and could come down to 550,000-600,000 tonnes, he said. 

Similarly, crude soyoil imports are estimated to fall 12.4% to 339,698 tonnes in November. Currently, December soyoil shipments are traded at $1,160 per tonne including cost, insurance and freight, Bajoria said. "The difference between palm and soyoil is around $150 per tonne. As a result, imports of soyoil will rise," Bajoria said. Indian importers are booking strong soyoil shipments for December, January, February and March and soyoil shipments should be at least 400,000 tonnes per month, he said. The imports may rise to 500,000 tonnes per month during Apr-Jul, he added. 

India's crude sunflower oil imports are estimated to have risen 43.6% on month to 355,565 tn in November, according to Sunvin Group. Currently, December sunflower oil shipments are trading at $1,225 per tonne including cost, insurance and freight, Bajoria said. 

Palm oil production is estimated to have declined in November. "This is a seasonal decline that happens every time. From November to February, palm oil production will be low and from March onwards, a rise in production will be seen," he said. 

The Solvent Extractors' Association of India is scheduled to release its figures for imports of edible oil in November by Dec. 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 Saji George Titus

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