India’s edible oil imports decline 3% during 2023-24 oil marketing year

14 Nov 2024 Evaluate

Solvent Extractors' Association of India (SEA) said that India’s edible oil imports declined by 3.09 per cent to 159.6 lakh tonnes during the 2023-24 oil marketing year (November-October) as compared to 164.7 lakh tonnes in 2022-23 oil marketing year due to higher domestic oilseeds production and reduced demand amid rising prices.

In value terms, the imports marginally decreased to Rs 1,31,967 crore in 2023-24, from Rs 1,38,424 crore in the previous year. International prices firmed up due to various reasons which reflected in rise in domestic prices and also reduction in import to some extent. 

Crude palm oil imports fell to 69.70 lakh tonnes in 2023-24 from 75.88 lakh tonnes in the previous year, while RBD palmolein shipments declined to 19.31 lakh tonnes in 2023-24 from 21.07 lakh tonnes previous year. Among soft oils, soyabean oil imports decreased marginally to 34.41 lakh tonnes during the 2023-24 oil marketing year from 36.76 lakh tonnes in 2022-23 oil marketing year, while sunflower oil imports rose to 35.06 lakh tonnes in 2023-24 from 30.01 lakh tonnes in previous year.

The share of refined oil increased from 3 per cent to 12 per cent in the last five years, while crude oil's share decreased to 88 per cent from 97 per cent. Edible oil stock of 24.08 lakh tonnes is estimated at various ports as on November 1. Indonesia and Malaysia are the primary suppliers of RBD Palmolein and crude palm oil to India. 

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