Business Line
15 Jul 2023
Overall share of refined oils was 14 per cent in the total edible oil import during the first eight months of the 2022-23 oil year
India's edible oil import increased 39.11 per cent year - on - year in June to 13.11 lakh tonnes (lt) against 9.41 lt in June 2022.
Data available from the Solvent Extractors' Association of India (SEA) showed that India's import of edible oil increased to 103.66 lt in the first eight months of the oil year 2022-23 (November-October) against 84.90 lt a year ago, recording a growth of 22.11 per cent.
BV Mehta, Executive Director of SEA, said the demand for edible oil has returned in the market with the sharp reduction in domestic prices of edible oils.
This is evident from the rising import, in spite of better domestic availability, reflecting in June data.
He said the import of crude palm oil (CPO) stood at 4.66 It in June against 3.48 It in May.
PALM OIL PRODUCTS
The import of RBD palmolein jumped to 2.17 It in June from 85,000 tonnes in the previous month. The overall import of palm products sharply recoverd during June compared to May.
Import of Palm oil products from Indonesia increased to 4.77 It in June 2023 against 1.31 It in June 2022. Import of palm oil products from Malaysia decreased to 1.55 It in June 2023 against 3.60 It in June 2022. Stating that the import of refined oil will increase rapidly, he said the overall share of refined oils (RBD palmolein) was 14 per cent in the total edible oil import during the first eight months of the 2022-23 oil year. It was at 5 per cent in the oil year 2020-21, and 3 per cent in the oil year 2019-20. This is seriously impacting the domestic palm oil refining industry, he said.
Import of palm products (including CPO and RBD palmolein) increased to 60.31 It during November - June 2022-23 against 43.30 It a year ago.
Following this, the share of palm oil products in the over all edible oil import incresed to 58 per cent during the first eight months of 2022-23 against 51 per cent.
Stating that Thailand is emerging as a regular supplier of CPO to India, Mehta said India imported 6.71 It of CPO and 11,499 tonnes of RBD palmmolein during the period.
SOFT OILS UP
The overall import of soft oils increased to 43.35 It against 41.59 It a year ago. He attributed the sharp incrase in the shipment of sunflower and soyabean oils in the last three months to this growth.
However, the share of soft oil in the total edible oil imports dipped to 42 per cent i form 49 per cent.