India's import of edible oils fell 29 per cent annually in September to 10,64,499 tonnes due to lower inward shipments of crude and refined palm oils, according to industry data.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Import of edible oils stood at 14,94,086 tonnes in the same month last year.

Solvent Extractors' Association of India (SEA) on Friday released the import data for vegetable oils (both edible and non-edible) for September.

Imports of non-edible oils fell to 22,990 tonnes in September from 57,940 tonnes in the year-ago period.

According to the data, import of vegetable oils in September declined 30 per cent to 10,87,489 tonnes compared to 15,52,026 tonnes a year earlier.

In the edible oil category, the SEA data showed that import of crude pall oil declined to 4,32,510 tonnes last month from 7,05,643 tonnes in September last year, while refined palm oil shipments were down to 84,279 tonnes from 1,28,954 tonnes.

Imports of crude sunflower oil also declined to 1,52,803 tonnes from 3,00,732 tonnes.

SEA attributed the fall in import to higher inward shipments during July-August, and subdued demand, resulting in stock building at port.

Moreover, the association said importers have become cautious because of volatility and firmness in prices.

Reduction in import was led by palm oil, which is trading above soyabean oil and sunflower oil prices, SEA said, adding that domestic players have reduced their buying.

According to SEA data, the overall import of vegetable oils during the first 11 months of the current 2023-24 marketing year ending October declined 6 per cent to 1,47,75,000 tonnes as compared to 1,56,73,102 tonnes in the corresponding period of the previous year.

Of the total vegetable oil imports so far in 2023-24 marketing year, the imports of edible oil fell to 1,45,35,955 tonnes from 1,54,68,912 tonnes. Imports of non-edible oils rose to 2,39,045 tonnes from 2,04,190 tonnes.

India imports palm oils from Indonesia and Malaysia, and soyabean oils from Brazil and Argentina.

More than 50 per cent of India's edible oils demand is met through imports. Recently, the government increased import duties on edible oils to protect farmers interest amid harvest of kharif (summer-sown) crops.