Vegetable oil imports up 18% at 1.55 million tonnes in June: SEA data
July 12, 2024 Friday, (Business Standard) - Import of vegetable oils, comprising edible and non-edible oils, rose 18 per cent in June to 1.55 million tonnes on higher imports of crude palm oil and crude sunflower oil, according to trade data.
Solvent Extractors' Association of India (SEA) data showed that import of vegetable oils during June 2024 stood at 1,550,659 tonnes compared to 1,314,476 tonnes in the year-ago period.
Edible oils import increased in June to 1,527,481 tonnes from 1,311,576 tonnes in the same month last year. However, the imports of non-edible oils jumped to 23,178 tonnes from 2,300 tonnes during the period under review.
During the first eight months of 2023-24 oil year ending October, the imports of vegetable oils fell 2 per cent to 10,229,106 tonnes compared to 10,483,120 tonnes in the corresponding period of the previous year.
SEA data showed that imports of refined oil declined 2 per cent to 1,381,818 tonnes during November 2023-June 2024 period of 2023-24 oil year from 1,403,581 tonnes in the corresponding period of the preceding year.
Imports of crude edible oils also declined 3 per cent to 8,713,347 tonnes compared to 8,963,296 tonnes. The share of refined oils (RBD Palmolein) and crude oils share remained same.
During November 2023 and June 2024 period, palm oil imports decreased to 5,763,367 tonnes from 6,031,529 tonnes in the year-ago period. Also, soft oil imports fell to 4,331,799 tonnes from 4,335,349 tonnes.
India imports palm oil from Malaysia and Indonesia, and soyabean oil from Brazil and Argentina.