India imported 70.69 lakh (lk) (7M tonnes) of edible oils in the first half of the 2023/24 oil year, the Hindu Business Line reported.
The volume was a drop of 11.65% compared to the 80.02 lk (8M tonnes) imported in the same period (November-October) of the previous year, the 14 May report said.
However, there was a significant increase in edible oil imports in April.
According to data from the Solvent Extractors’ Association of India (SEA), the country’s imports of edible oils increased by 27.67% in April 2024 compared to the same month last year, from 13.04 lk (1.3M tonnes) to 10.21 lk (1M tonnes) respectively.
In March 2024, India’s edible oil imports totalled 11.49 lk (1.1M tonnes).
The downward price trend in April, when international prices of refined, bleached and deodorised (RBD) palm olein and crude palm oil (CPO) declined by almost US$100/tonne, had led to higher imports of edible oils, SEA executive director BV Mehta was quoted as saying.
Soyabean oil and sunflower oil prices were also down by US$40/tonne and US$15/tonne, respectively, in the period, he added.
India imported 42.13 lk (4.2M tonnes) of palm oil (including RBD palm olein and CPO) during the first six months of the 2023/24 oil year compared to 49.09 lk (4.9M tonnes) in the same period of the previous oil year.
RBD palm olein’s share was 10.10 lk (10M tonnes) compared to 11.01 lk (11M tonnes) in the 2022/23 oil year, while CPO totalled 31.32 lt (3.1M tonnes) compared to 37.61 lt (3.7M tonnes).
Meanwhile, RBD palm olein imports increased to 1.24 lk (124,000 tonnes) in April 2024 compared to 93,799 tonnes the previous month.
CPO imports also increased to 5.36 lk (536,000 tonnes) in April 2024 compared to 3.81 lk (381,000 tonnes) the previous month.
In the November-April period of the 2023/24 oil year, Indonesia supplied 15.28 lk (1.5M tonnes) of CPO and 8.80 lk (88,000 tonnes) of RBD palm olein to India, followed by Malaysia at 13.20 lt (1.3M tonnes) and 1.30 lk (130,000 tonnes) respectively.
Thailand exported 2.16 lk (216,000 tonnes) of CPO to India during the period.
India imported 12.68 lk (1.2M tonnes) of crude soyabean oil (de-gummed) in the 2023/24 oil year compared to 17.25 lk (1.7M tonnes) in the same period of the previous year.
In April 2024, India imported 3.85 lk (385,000 tonnes) of crude soyabean oil compared to 2.18 lk (218,000 tonnes) the previous month.
India imported 6.64 lk (664,000 tonnes of crude soyabean oil) from Argentina, 4.49 lk (449,000 tonnes) from Brazil and 65,497 tonnes from Russia during the period. Ukraine and Thailand supplied 15,000 tonnes and 13,004 tonnes, respectively.
India’s crude sunflower oil imports increased to 15.87 lk (1.5M tonnes) in the period compared to 13.67 lk (1.3M tonnes) the previous year.
In April 2024, crude sunflower oil imports dropped to 2.34 lk (234,000 tonnes) 2024 compared to 4.45 lk (445,000 tonnes) the previous month.
In the November-April period of the 2023/24 oil year, Russia exported 6.26 lk (626,000 tonnes) of crude sunflower oil to India, followed by Romania at 5.21 lk (521,000 tonnes), Argentina at 1.76 lk (176,000 tonnes) and Ukraine at 1.69 lk (169,000 tonnes).
India’s total import of vegetable oils (including edible and non-edible oils) totalled 71.48 lk (7.1M tonnes) during the first six months of the 2023/24 oil year compared to 81.10 lk (8.1M tonnes) in the corresponding period of 2022/23, a decline of 11.86%.
