According to industry data, edible oil imports rose 31 per cent to 12.05 lakh tonnes in July amid a fall in global prices of palm, soybean and sunflower oil since June. In the corresponding month of last year, the import of edible oils was 9.17 lakh tonnes.
The Solvent Extractors Association of India (SEA) said in a statement on Friday that imports of vegetable oils, including edible and non-edible oils, increased by 24 per cent to 1,214,353 tonnes in July this year.
In the year-ago period, it was 9,80,624 tonnes in July 2021. The oil marketing year runs from November to October.
During the period November 2021 to July 2022, the import of edible oils increased to 96,95,305 tonnes from 93,70,147 tonnes in the year-ago period.
Of the total imports, refined palm oil was 11,44,496 tonnes, crude palm oil 36,59,699 tonnes, crude soybean oil 33,30,556 tonnes and crude sunflower oil 15,03,627 tonnes.
In the first nine months of the 2021-22 oil marketing year, imports of refined palm oil increased to 11,44,496 tonnes from 43,271 tonnes in the year-ago period.
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During the same period, imports of non-edible oils fell by 2 per cent to 2,79,688 tonnes from 2,84,489 tonnes in the same period a year ago.
“The total import of vegetable oils during the first nine months of the oil year 2021-22, November 2021-July 2022 was registered at 99,74,993 tonnes as compared to 96,54,636 tonnes during the same period last year.”
As on August 1, 2022, the total stock of edible oils increased by 48,000 tonnes to 23.04 lakh tonnes as against 22.56 lakh tonnes on July 1.
The SEA highlighted that the international prices of edible oils have fallen sharply in the last two months. Palm oil prices declined by $625 a tonne, while soybean oil prices declined by $370 a tonne and sunflower oil by $450 a tonne.
SEA said, “The local price has also moved downwards in the last two months. RBD palmolein wholesale price has come down by over Rs 25,000 per tonne, while that of refined soybean oil by Rs 24,000 per tonne and sunflower oil by about Rs 20,000 per tonne. has diminished.” ,
According to the association, the rupee depreciation since March and higher freight charges for palm oil shipments partially limited the benefit of full cost reduction to importers and consumers.
Indonesia and Malaysia are the major suppliers of palm oil to India. Russia, Ukraine and Argentina are the major suppliers of sunflower oil to the country while soybean oil comes from Brazil and Argentina.
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