India’s vegetable oils import registered a fall in February, knowledge from SEA reveals. File
| Photo Credit: Reuters
India’s vegetable oils import fell 13% per cent year-on-year in February to almost 9.75 lakh tonne, in keeping with business knowledge.
In an announcement on March 13, the Solvent Extractors’ Association of India (SEA) mentioned the import of vegetable oils (comprising edible oils and non-edible oils) in February stood at 9,74,85 tonne as in comparison with 11,14,481 tonne in the year-ago interval.
Out of the entire imports, the edible oil shipments fell to 9,67,852 tonne final month from 10,98,475 tonne in February 2023. Non-edible oils imports too fell to 7,000 tonne from 16,006 tonne in the year-ago interval.
During November 2023-February 2024 interval, the general import of vegetable oils declined 21% to 46,47,963 tonne from 58,87,900 tonne in the corresponding interval of the earlier oil yr. The oil advertising yr runs from November to October.
Edible oils import fell to 46,15,551 tonne through the first 4 months of 2023-24 oil yr from 58,44,765 tonne in the year-ago interval. Non-edible oil imports dropped to 32,412 tonne through the November-February interval of 2023-24 oil yr from 43,135 tonne in the corresponding interval of the earlier yr.
India meets greater than 50% of its home necessities of edible oils by means of imports. The nation imports palm oil from Indonesia and Malaysia. It imports soyabean oil from Argentina and Brazil.
“The decline of vegetable oil imports continued in February 2024. The availability of palm oil for edible oil requirements has come down as the main two producers Malaysia and Indonesia are diverting it for the production of biodiesel,” SEA mentioned. This may outcome in a rise in costs this yr, it added.
“Palm oil output in Indonesia and Malaysia, which account for a bulk of global production is likely to either rise marginally in 2024 or decline from last year’s level, as ageing plantations and lack of expansion cap output,” SEA mentioned.
Import of soyabean oil from Argentina elevated sharply in February 2024, whereas imports from Brazil declined resulting from rising necessities of the home biofuel business.
