Edible oil imports drop by 12% in 6 months
In the last six months, India witnessed a 12% decline in vegetable oil imports from November 2023 to April 2024, attributed to increased stock and price volatility. However, April saw a 26% surge in oil imports, totaling 13,18,528 tonnes compared to 10,50,189 tonnes in April 2023. Overall, imports amounted to 71,48,643 tonnes, down by 12% from the previous year’s 81,10,381 tonnes. Priyam Patel, MD of a leading edible oil company, noted a significant drop in prices for major oils like RBD palm oil, CPO, soybean oil, and sunflower oil, leading to increased imports. Indonesia and Malaysia emerged as key suppliers during this period. Indonesia supplied 15,28,256 tonnes of CPO and 8,80,027 tonnes of RBD palm olein, while Malaysia provided 13,20,028 tonnes of CPO, 1,30,808 tonnes of RBD palm olein, and 53,927 tonnes of CPKO.
Ahmedabad: India has seen 12% drop in vegetable oils imports in the past six months from Nov 2023 to April 2024, mainly due to higher stock and price fluctuation.
However, April oil imports increased by 26% due to significant decrease in prices, according to the Solvent Extractors’ Association of India (SEA).
Imports during April 2024 were reported at 13,18,528 tonnes compared to 10,50,189 tonnes in April 2023, comprising 13,04,409 tonnes of edible oils and 14,119 tonnes of non-edible oils.
The overall import of vegetable oils from Nov 2023 to Apr 2024 is reported at 71,48,643 tonnes compared to 81,10,381 tonnes during the same period of last year, down by 12%.
Priyam Patel, MD of a leading edible oil manufacturing company said, “In April, there was a significant downward trend in the prices of major vegetable oils such as refined bleached deodorized (RBD) palm oil, crude palm oil (CPO), soybean oil and sunflower oil.
This price reduction, alongside reduced pipeline stock, led to an increase in imports. Specifically, international prices of RBD palm oil and CPO fell by nearly $100 per tonne, while soybean oil and sunflower oil prices decreased by $40 and $15 per tonne respectively in last one month.”
Indonesia and Malaysia are the major suppliers of RBD palm olein and crude palm oil to India.
From Nov 2023 to Apr 2024, Indonesia was major supplier of CPO (15,28,256 tonnes) and RBD palm olein (8,80,027 tonnes) followed by Malaysia with 13,20,028 tonnes of CPO, 1,30,808 tonnes of RBD palm olein and 53,927 tonnes of CPKO (crude palm kernel oil).
Source Link : https://timesofindia.indiatimes.com/city/ahmedabad/edible-oil-imports-drop-by-12-in-6-months/articleshow/110191242.cms
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