India’s edible oil import down 2.6% in first eight months of oil year 2023-24
India’s edible oil imports declined 2.62% to 10.09 million tonnes in the first eight months of the oil year 2023-24, compared to the same period in 2022-23. However, June 2024 saw a 16.46% increase in imports to 1.52 million tonnes. Palm oil imports decreased to 5.7 million tonnes, while soyabean oil imports fell to 1.86 million tonnes. Sunflower oil imports rose to 2.46 million tonnes. Indonesia and Malaysia were the top suppliers of palm oil, while Argentina and Brazil supplied soyabean oil. Russia was the largest supplier of sunflower oil.
India imported 10.09 million tonnes (mt) of edible oils during the first eight months of the oil year 2023-24 (November to October) against 10.36 mt in the corresponding period of the oil year 2022-23, registering a decline of 2.62 per cent.
However, India imported 1.52 mt of edible oil in June 2024 against 1.31 mt in June 2023, recording a growth of 16.46 per cent.
Data compiled by Solvent Extractors’ Association of India (SEA) showed that there was decline in the import of palm oil and soyabean oil during the first eight months of the oil year 2023-24.
BV Mehta, Executive Director of SEA, said overall palm oil (including crude palm oil and RBD palmolein) imports decreased to 5.7 mt in the first eight months of oil year 2023-24 from 6.03 mt in the corresponding period of the previous year. India imported 1.38 mt of refined oil (RBD palmolein) during November-June of oil year 2023-24 against 1.40 mt in the corresponding period of the previous oil year.
Soyabean oil import to India stood at 1.86 mt during first eight months of oil year 2023-24 (2.48 mt during November-June 2022-23). However, sunflower oil import to India increased to 2.46 mt during November-June 2023-24 (1.85 mt).
Mehta said the share of palm oil in the overall edible oil imports decreased marginally to 57 per cent during the first eight months of oil year 2023-24 from 58 per cent in the corresponding period of the previous oil year. The share of soft oils in the overall edible oil imports increased marginally to 43 per cent (42 per cent) during the period.
Major exporters
Indonesia and Malaysia were the major suppliers of RBD palmolein and crude palm oil to India. During November-June of 2023-24, Indonesia exported 1.99 mt of crude palm oil and 1.17 mt of RBD palmolein, followed by Malaysia at 1.77 mt of crude palm oil and 0.2 mt of RBD palmolein.
India imported 1.05 mt of crude soyabean de-gummed oil from Argentina, followed 0.62 mt from Brazil.
During the first eight months of the oil year 2023-24, Russia exported 1.17 mt of crude sunflower oil to India. This was followed by Romania at 0.6 mt, Ukraine at 0.35 mt, and Argentina 0.24 mt.
Mehta said: “We are confident that this year’s Budget will focus on agriculture and launch the National Mission on Edible Oils with adequate financial support to boost oilseed production and increase availability of edible oils, thereby reducing our dependence on imports. In line with this, SEA has prepared a pre-Budget memorandum, particularly emphasising on raising the duty difference between crude and refined oils from 7.5 per cent to 15 per cent.”
Current duty on crude edible oils should be raised from current level of 5 per cent to 20 pe cent, and refined oil be raised to 35 per cent gradually. Such a move will help support the domestic farmers and boost the overall production of oilseeds to reduce India’s import dependence to 15-20 per cent in the next 10 years, he added.
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