Edible oil imports dip 1.6 percent in first 9 months of 2023-24 marketing year ending October: SEA

India's edible oil imports declined marginally by 1.6 per cent to 119.35 lakh tonnes in the first nine months of the 2023-24 marketing year ending October, according to industry body SEA. Imports of cooking oils stood at 1,19,35,227 tonnes during the November 2023-July 2024 period as against 1,21,22,711 tonnes in the corresponding period of the 2022-23 marketing year.

The oil marketing year runs from November to October. More than 50 per cent of India's cooking oil demand is met through imports. Solvent Extractors' Association of India (SEA) data showed that imports of non-edible oils, however, increased to 1,88,955 tonnes from 1,32,242 tonnes.

The total import of vegetable oils (edible and non-edible oils) during the first nine months of the current oil year stood at 121.24 lakh tonnes, down 1 per cent compared to 122.55 lakh tonnes in the year-ago period.

In the first nine months of the 2023-24 oil year (November 2023-July 2024), India imported 15,18,671 tonnes of refined edible oil, a 7 per cent decrease from the 16,40,960 tonnes imported during the same period of the preceding oil year.

Imports of crude edible oils fell 1 per cent to 1,04,16,556 tonnes from 1,04,81,751 tonnes. During the first nine months of the 2023-24 oil year, the total palm oil imports decreased by 4 per cent to 68,45,097 tonnes, compared to 71,17,834 tonnes in the year-ago period.

In contrast, soft oil imports increased to 50,90,131 tonnes from 50,04,877 tonnes. Indonesia and Malaysia are the primary suppliers of RBD Palmolein and crude palm oil (CPO) to India. Crude soybean degummed oil is primarily imported from Argentina and Brazil while crude sunflower oil is from Russia, Romania, Ukraine and Argentina.