Informist, Wednesday, Nov. 13, 2024
MUMBAI – India's vegetable oil imports declined 3% on year to 16.23 million tonnes in the oil year 2023-24 (Nov-Oct), the Solvent Extractors' Association of India said Wednesday. 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.
Imports of edible oils during 2023-24 were reduced to 15.96 million tonnes from 16.47 million tonnes in the previous year. This reduction in imports is due to larger domestic oilseed crop production, the association said. "India needs about an additional yearly 1.0 million tonnes of edible oils to meet the growing population and increase in per capita consumption," the association said. Edible oil imports in October rose 43% on year to 1.42 million tonnes, according to the association's data.
The import of crude palm oil in October decreased 6.9% on year to 596,929 tonnes, while refined, bleached and deodorised palmolein imports increased 341% to 236,175 tonnes. Crude sunflower oil imports in October rose to 239,116 tonnes from 153,780 tonnes a year ago, the association said. Similarly, imports of crude soyoil in October were up 152.6% on year at 341,818 tonnes.
During the oil year 2023-24, India imported palm oil and refined, bleached and deodorised palmolein from Indonesia and Malaysia, soyoil from Argentina, and Brazil, sunflower oil from Russia, Romania, Ukraine, and Argentina, the association said.
As of Nov. 1, the total stock of edible oil available was estimated at 2.41 million tonnes, against 3.14 million tonnes a year ago. Of the 2.41 million tonnes, about 657,000 tonnes of edible oil was at ports and 1.75 million tonnes in the pipeline, the association said.
With the normal monsoon, India, in the current kharif season of 2023-24, harvested nearly 12.5 million tonnes of soybeans and 9.5 million tonnes of groundnuts and is expected to harvest 12.5-13.0 million tonnes of rapeseed-mustard in rabi season, the association said. "Overall oilseeds production during 2024-25 may go up by 3.5 million tonnes. The bumper crop is likely to augment the domestic availability and help to reduce the import demand by a million tonnes in 2024-25," the association said.
The following table details import figures of edible oils in the oil year 2023-24 (Nov-Oct) in tonnes, compared with year-ago levels and the change in percentage, according to data from the SEA:
|
Edible oil |
Nov-Oct 2023-24 |
Nov-Oct 2022-23 |
Change (in %) |
|---|---|---|---|
|
Crude palm oil |
6,970,030 | 7,588,269 | (-)8.1 |
|
RBD palmolein |
1,931,254 | 2,106,645 | (-)8.3 |
|
Crude soyoil |
3,440,803 | 3,676,329 | (-)6.4 |
|
Crude sunflower oil |
3,506,193 | 3,000,702 | 16.8 |
|
Total |
15,962,571 | 16,466,093 | (-)3.1 |
The following table details import figures of edible oils in the month of October in tonnes, compared with year-ago levels and the change in percentage, according to data from the SEA:
|
Edible oil |
October 2024 |
October 2023 |
Change (in %) |
|---|---|---|---|
|
Crude palm oil |
596,929 |
641,579 | (-)7 |
|
RBD palmolein |
236,175 | 53,497 | 341 |
|
Crude soyoil |
341,818 | 135,325 | 152.6 |
|
Crude sunflower oil |
239,116 | 153,780 | 55.5 |
|
Total |
1,426,615 | 997,181 | 43.1 |
End
Reported by Anjali Lavania and Taniva Singha Roy
Edited by Tanima Banerjee
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