India edible oil: India’s edible oil import invoice up 34% at Rs 1.57 lakh crore: Business physique SEA

India’s edible oil import invoice rose 34.18 per cent to Rs 1.57 lakh crore within the oil yr ending October 2022, whereas in quantity phrases it rose 6.85 per cent to 140.3 lakh tonnes, trade physique SEA mentioned on Monday. India, the world’s main vegetable oil purchaser, had imported 131.3 lakh tonnes of edible oils within the 2020-21 oil yr (November-October) for Rs 1.17 lakh crore within the earlier yr, based on the Solvent Extractors Affiliation of India (SEA).

Import steadily elevated throughout the first two quarters and it slowed down within the third quarter.

Nonetheless, it once more elevated within the fourth quarter as a result of lifting of a ban on palm oil by Indonesia and a pointy decline in worldwide costs which boosted shopping for from India, it mentioned.

In response to SEA, excessive volatility in palm oil costs this yr affected India’s palm oil shopping for.

In March-April for a short interval, palm oil was as costly as comfortable oils. Its availability was additional affected in Might-June by Indonesia’s choice to ban exports. As anticipated, India’s palm oil shopping for plunged and import of soppy oil rose, it mentioned.

Consequently, there was a lower in palm oil import at 79.15 lakh tonnes throughout the 2021-22 oil yr, compared with 83.21 lakh tonnes within the earlier yr, whereas comfortable oil import rose to 61.15 lakh tonnes this yr, from 48.12 lakh tonnes within the earlier yr, it mentioned in a press release.

Amongst palm oil merchandise, SEA mentioned import of RBD palmolein noticed greater than two occasions bounce to 18.41 lakh tonnes in 2021-22, as in opposition to 6.86 lakh tonnes within the earlier yr.

Whereas, import of crude palm oil (CPO) declined 20 per cent to 59.94 lakh tonnes as in opposition to 74.91 lakh tonne, whereas that of crude palm kernel oil (CPKO) dropped to 80,000 tonnes from 1,43,000 tonnes within the mentioned interval.

Amongst comfortable oils, the import of soyabean oil elevated sharply to 41.71 lakh tonnes this yr from 28.66 lakh tonnes in 2020-21, within the absence of lesser provide of Sunflower oil within the earlier yr, SEA mentioned in a press release.

Equally, the import of sunflower oil rose marginally to 19.44 lakh tonnes this yr from 18.94 lakh tonnes within the earlier yr.

As on November 1, there was a gap inventory of 24.55 lakh tonnes of edible oils within the nation. India wants about 19 lakh tonnes of edible oils per 30 days and at present operates at 40 days inventory which is the best stock held by India.

Indonesia and Malaysia are the main suppliers of RBD Palmolein and CPO to India.