In July, imports of edible oil increased by 31% to 12.05 lakh tonnes

According to industry data, edible oil imports increased 31% to 12.05 lakh tonnes in July despite a decline in palm, soyabean, and sunflower oil prices worldwide since June.

9.17 lakh tonnes of edible oils were imported during the same month last year.

The Solvent Extractors' Association of India (SEA) said in a statement on Friday that the import of vegetable oils, including both edible and non-edible oils, increased by 24 percent to 1,214,353 tonnes in July of this year. It was 9,80,624 tonnes in July 2021 as compared to the same time last year.

From November to October is the oil marketing year. From November 2021 to July 2022, there was an increase in edible oil imports, which went from 93,70,147 tonnes to 96,95,305 tonnes.

Out of the overall imports, there were 11,44,496 tonnes of refined palm oil, 36,59,699 tonnes of crude palm oil, 33,30,556 tonnes of crude soyabean oil, and 15,03,627 tonnes of crude sunflower oil. Refined palm oil imports increased from 43,271 tonnes to 11,44,496 tonnes in the first nine months of the 2021–22 oil marketing year.

When compared to the same period last year, the import of non-edible oils decreased by 2% to 2,79,688 tonnes from 2,84,489 tonnes. The total amount of vegetable oil imported over the first nine months of the oil year 2021–22, from November 2021–July 2022, was reported at 99,74,993 tonnes, up from 96,54,636 tonnes during the same period the previous year, it stated.

The overall amount of edible oil in store grew by 48,000 tonnes as of August 1, 2022, from 22.56 lakh tonnes as of July 1. In the past two months, there has been a significant drop in the price of edible oils on the global market, according to SEA. Prices for palm oil have decreased by USD 625 per tonne, soybean oil have decreased by USD 370 per tonne, and sunflower oil have decreased by USD 450 per tonne.

"In the past two months, the local price decreased in lockstep with the national one. RBD palmolein's wholesale price dropped by about Rs 25,000 per tonne, while the prices of refined soybean oil and sunflower oil both fell by over Rs 20,000 per tonne "reported SEA. The group claims that currency depreciation since March and expensive freight for palm oil shipments have partially prevented importers and consumers from fully benefiting from cost reductions.

India's primary sources of palm oil are Indonesia and Malaysia. Sunflower oil is mostly imported into the nation from Russia, Ukraine, and Argentina, and soybean oil is obtained from Brazil and Argentina.