India’s edible oil imports dip 3% to 15.96 mn tonnes in 2023-24: SEA
India’s edible oil imports dropped by 3.09% to 15.96 million tonnes in the 2023-24 oil year, mainly due to increased domestic oilseed production and a dip in demand amid high prices. Imports in value terms also decreased slightly from ₹1.38 lakh crore to ₹1.32 lakh crore. Crude palm oil and soybean oil imports declined, while sunflower oil imports rose. Refined oil imports have grown, now making up 12% of total edible oil imports, up from 3% over five years, according to the Solvent Extractors Association of India (SEA).
India’s edible oil imports declined by 3.09 per cent to 159.6 lakh tonnes during the 2023-24 oil marketing year due to higher domestic oilseeds production and reduced demand amid rising prices, according to industry body SEA.
The country, which is the world’s largest importer of edible oils, had imported 164.7 lakh tonnes in the previous oil year (November-October).
In value terms, the imports marginally decreased to Rs 1,31,967 crore in 2023-24, from Rs 1,38,424 crore in the previous year, the Solvent Extractors Association of India (SEA) said in a statement.
“International prices firmed up due to various reasons which reflected in rise in domestic prices and also reduction in import to some extent,” SEA said.
As per the data, crude palm oil imports fell to 69.70 lakh tonnes in 2023-24 from 75.88 lakh tonnes in the previous year, while RBD palmolein shipments declined to 19.31 lakh tonnes from 21.07 lakh tonnes. Palm oil imports in October rose 60 per cent from September to 845,682 metric tons on festive demand and as refiners boosted purchases to replenish stocks depleted by lower-than-usual imports recently.
Among soft oils, soyabean oil imports decreased marginally to 34.41 lakh tonnes from 35.06 lakh tonnes, while sunflower oil imports rose to 35.06 lakh tonnes from 30.01 lakh tonnes.
The share of refined oil increased from 3 per cent to 12 per cent in the last five years, while crude oil’s share decreased to 88 per cent from 97 per cent, SEA added.
The industry body said edible oil stock of 24.08 lakh tonnes is estimated at various ports as on November 1.
Indonesia and Malaysia are the primary suppliers of RBD Palmolein and crude palm oil (CPO) to India.
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Source Link : Business Standard
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