Stock of 9.69 lakh tonnes of edible oil at Indian ports at the end of November
As of November 2024, India’s edible oil stock at ports increased by 3% to 969,339 tonnes. While stocks of Crude Palm Oil and Soybean Oil decreased by 7% and 28%, respectively, RBD Palmolein, Crude Sunflower Oil, and other oils saw increases of 39%, 14%, and 16%, respectively. India heavily relies on imports to meet its edible oil demand, with significant supplies coming from countries like Indonesia, Malaysia, Argentina, Brazil, and Russia. This ensures a steady supply to meet domestic consumption needs.
iGrain India – At the end of November 2024, the stock of edible oils at Indian ports stood at 9.69 lakh tonnes (969,339 tonnes), which marked a 3% increase compared to the 9.39 lakh tonnes (939,707 tonnes) recorded on 15 November 2024. Despite this overall increase, the stock levels for different types of edible oils varied.
- Crude Palm Oil (CPO) saw a decrease of 7%, from 3.17 lakh tonnes (317,358 tonnes) on 15 November to 2.96 lakh tonnes (296,491 tonnes) on 30 November.
- Crude Degummed Soybean Oil experienced a significant 28% drop, from 1.85 lakh tonnes (185,017 tonnes) on 15 November to 1.33 lakh tonnes (133,640 tonnes) on 30 November.
- In contrast, RBD Palmolein saw a 39% increase, rising from 1.57 lakh tonnes (157,765 tonnes) to 2.18 lakh tonnes (218,895 tonnes).
- Crude Sunflower Oil also increased by 14%, from 2.54 lakh tonnes (254,814 tonnes) to 2.91 lakh tonnes (291,848 tonnes).
- Other Edible Oils showed a 16% increase, rising from 24,753 tonnes to 28,832 tonnes.
India relies heavily on edible oil imports to meet its domestic demand, as local production is insufficient to satisfy the country’s consumption needs. Major sources of imports include Indonesia, Malaysia, and Thailand for palm oil, Argentina and Brazil for soybean oil, and Russia, Romania, and Ukraine for sunflower oil. Additionally, a significant volume of edible oils is in the import pipeline, further ensuring a steady supply.
As the world’s largest importer and the fifth-largest producer of edible oils, India’s consumption continues to be supported by these imports due to the country’s demand surpassing local production capabilities.
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Source : Investing.com
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