(MENAFN- KNN India)
India's Vegetable Oil Imports Rises 33% YoY: SEA
New Delhi, Sept 18 (KNN) India's vegetable oil imports have increased by 33 per cent year-on-year to reach 18.66 lakh tonne in August. This is attributed to lower duties and a revival of demand after a decline in domestic rates, as reported by the Solvent Extractors' Association (SEA).
India is the world's leading vegetable oil buyer, and its imports for August 2022 have reached 14.01 lakh tonnes.
The total vegetable oil imports for the first ten months of the 2022-23 oil year (November to October) have grown by 24 per cent to 141.21 lakh tonne compared to 113.76 lakh tonne in the same period last year.
Of the total vegetable oil shipments undertaken in August, edible oils comprised 18.52 lakh tonne, while non-edible oils were 14,008.
Palm oil imports have reached 11.28 lakh tonne in August. The SEA has released a statement indicating that the import of edible oils in the first ten months has reached 141.21 lakh tonnes.
The statement predicts that the current oil year, which ends in October 2023, will likely see a record import of over 160 to 165 lakh tonne given the current trends.
The industry body cited the drop in domestic edible oil prices despite ample domestic availability as the reason for the rise in imports, as reflected in the August data.
Crude palm oil imports have rebounded, regaining competitiveness against soybean and other oils, totalling 8.24 lakh tonnes in August, slightly down from 8.41 lakh tonne in the previous month.
According to the SEA, the current low duty of 5.5 per cent on crude palm oil, soybean oil and sunflower oil is responsible for the increase in imported oil supplies.
This has turned India into a popular destination for surplus oil supplies. India primarily imports palm oil from Indonesia and Malaysia and a small quantity of crude soft oil, including soybean from Argentina. Sunflower oil is imported from Ukraine and Russia.
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