Industry body -- the Solvent Extractors Association (SEA) has said that vegetable oil imports of India increased by 46 per cent to 17.71 lakh tonnes in July this year on rise in palm oil shipments. The country's vegetable oil imports stood at 12.14 lakh tonnes in the yearago period. Similarly, during the first nine months of the 202223 oil year (NovemberOctober), the overall import of vegetable oils increased by 23 per cent to 122.54 lakh tonnes from 99.74 lakh tonnes in the same period last year. Vegetable oil imports comprise both edible and nonedible oils.
According to SEA, edible oil imports rose 46 per cent to 17.55 lakh tonnes during July this year, when compared to 12.05 lakh tonnes in the yearago period. Nonedible oil imports too increased to 15,999 tonnes from 9,069 tonnes in the said period. It said with sharp reduction in domestic prices of edible oils, demand has returned which is evident from the rising import in spite of better domestic availability reflecting in July data.
Looking at the import of edible oils in the first three quarters, the industry body said it will not be surprised to see a 'record' import of vegetable oils at 150 to 155 lakh tonnes in the current oil year ending October 2023. It added India is sitting on huge stock for nearly 45 days requirements and supply chain will be comfortable during festival season. India imports palm oil mainly from Indonesia and Malaysia, and a small quantity of crude soft oil, including soyabean oil from Argentina. Sunflower oil is imported from Ukraine and Russia.
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: