Mumbai: Import of edible oils to India may surge to a record 17 million tonne (MT) in the current oil year (November 2022-October 2023). Solvent Extractors Association of India (SEA) informed this. Edible oil include palm, soybean and sunflower.
According to the trade body, the volume of cooking oil imports is expected to be the highest since 2016-17. In 2016-17 India imported 15.1 MT of edible oil. Last year, India imported 14 MT edible oil. During November-September in the current oil year, edible oil imports have surged by 20% to 15.46 MT compared to the same period last year.
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India’s palm oil imports from Indonesia, Malaysia, and Thailand have risen by more than 29% to 9.8 MT in the November-September period of the current oil year compared to the previous year. The share of palm oil in total edible oil imports has increased to 59% in the current oil year so far, up from 55% in the previous year.
The import of RBD or refined palm oil has surged which now constitutes over 25% to total palm imports. Imports of crude soybean and sunflower during the November-September period in the current oil year were 38.87 MT and 1.79 MT, respectively. India import Soybean oil from Argentina and Brazil, while sunflower oil was sourced from Russia and Ukraine.
The landed prices of palm oil, which holds close to a 60% share in the country’s import basket, declined by 6.1% to $880/tonne. Landed prices of crude soybean and sunflower oil have declined by 28.7% and 36% to $971/tonne and $895/tonne, respectively.
India imports about 56% of its total annual edible oil consumption of around 24 to 25 MT. In terms of share in domestic output, the share of oils includes mustard (40%), soybean (24%), and groundnut (7%) among others.
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