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Informist, Thursday, Dec. 12, 2024

 

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--SEA: India Nov vegetable oil import 1.63 mln tn vs 1.16 mln tn yr ago
--SEA: India Nov edible oil import 1.6 mln tn vs 1.1 mln tn yr ago
--SEA: India Nov crude palm oil import 547,309 tn vs 692,423 tn yr ago
--SEA: India Nov RBD palmolein import 284,537 tn vs 171,069 tn yr ago
--SEA: India Nov crude soyoil import 407,648 tn vs 149,894 tn yr ago
--SEA: India Nov sunflower oil import 340,660 tn vs 128,707 tn yr ago
--SEA: India Dec 1 edible oil stock in ports at 998,000 tn
--SEA: India Dec 1 edible oil stock in pipeline at 1.6 mln tn

 

MUMBAI – India's vegetable oil imports in November, the first month of the oil year 2024-25 (Nov-Oct), were 1.63 million tonnes, up 40% from the corresponding period last year, the Solvent Extractors' Association of India said Thursday. India is the world's largest importer of edible oils. The edible oil basket comprises crude and refined palm oils, crude soyoil, and sunflower oil.

 

Crude palm oil imports fell nearly 21% on year to 547,309 tonnes in November, while refined, bleached and deodorised palmolein imports surged by 66% to 284,537 tonnes. Crude sunflower oil imports rose to 340,660 tonnes in November from 128,707 tonnes a year ago, the association said. Similarly, imports of crude soyoil were up 172% on year at 407,648 tonnes in November. 

 

In the oil year 2023-24, India imported palm oil and refined, bleached and deodorised palmolein from Indonesia and Malaysia, soyoil from Argentina and Brazil, and sunflower oil from Russia, Romania, Ukraine, and Argentina.

 

The Solvent Extractors' Association of India said the total stock of edible oil available as on Dec. 1 was estimated at 2.57 million tonnes, against 2.96 million tonnes a year ago. Of the total, about 998,000 tonnes of edible oil was at ports and 1.57 million tonnes in the pipeline, the association said.

 

Unusually strong price competitiveness of Argentina's soyoil had resulted in imports into India booming since October. Excess imports of soybean are putting pressure on domestic prices, which are currently around INR 4,250-4,300 per 100 kg against the minimum support price of INR 4,892 per 100 kg. This is complicating the situation for Indian soybean processors who already suffer from poor competitiveness of their soymeal in the world market, the association said.

 

The following table details import figures of edible oils in the month of November, in tonnes, compared with year-ago levels and the change in percentage, according to data from the SEA:

 

Edible oil	November 2024	November 2023	Change (in %)
Crude palm oil	547,309	692,423	(-)21
RBD palmolein	284,537	171,069	66
Crude soyoil	407,648	149,894	172
Crude sunflower oil	340,660	128,707	165
Total	1,627,642	1,160,590	40

 

End

 

Reported by Taniva Singha Roy and J. Navya Sruthi

Edited by Ashish Shirke

 

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