The total rise in palm oil imports in July was driven by a spike in the import of palm oil. The Solvent Extractors' Association of India (SEA) reports that, in July 2024, India procured 18.40 lakh tonnes of edible oil, which was up 4.8% from 17.55 lakh tonnes in the same month the previous year. In June 2024, India imported 15.27 liters of edible oils.

Looking to import edible oil in bulk? India bought 10.81 lt of palm oil in July 2024, the most since November 2022, when imports totaled 11.41 lt in a single month, according to BV Mehta, Executive Director of SEA.

Congestion at Kandla ports

July saw a significant increase in imports as a result of India's impending festival season. According to him, this surge caused traffic at Kandla port, which resulted in eight to ten day berthing delays. In the first nine months of operation of the oil year 2023–24 (November–October), India imported 119.35 lt of edible oils, down 1.54 percent from 121.22 lt in the same period of the oil year 2022–23.

Due to increased domestic availability, edible oil imports decreased dramatically by 23.14 percent in the first quarter of the oil year 2023–2024. On the other hand, imports increased by a meagre 5% in the second quarter. Edible oil imports increased significantly in the third quarter, rising by 18.07 percent, primarily due to a substantial inflow in July 2024.

Refined vs crude

In the first nine months of the oil year 2023–24, India imported 15.18 lt of refined oil (RBD palmolein), down 7% from 16.40 lt during the same time the previous year. In comparison to the 104.81 lt imported during the same period of the oil year 2022–2023, the nation imported 104.16 lt of crude edible oils. In the first three quarters of the oil year 2023–24, imports of palm oil (including RBD palmolein and crude palm oil) decreased to 68.45 lt from 71.17 lt in the same period of the oil year 2022–23.

Major exporters

India's main providers of RBD palmolein and crude palm oil (CPO) are Indonesia and Malaysia. Indonesia shipped 24.94 lt of CPO and 13 lt of RBD palmolein between November and July of 2023–2024. With 20.71 lt of CPO and 2.13 lt of RBD palmolein, Malaysia came next. 13.52 litres of raw soybean degummed oil were imported by India from Argentina, and then 7.10 litres from Brazil. 13.64 litres of unrefined sunflower oil were imported from Argentina, 3.96 litres from Ukraine, 6.29 litres from Romania, and 13.64 litres from Russia.

Conclusion

India imported a lot more edible oil in July 2024 as a result of a peak in exports of palm oil. The third-quarter increase in imports underscores market volatility despite a decline in importation earlier in the year. India's import strategy is flexible, responding to changes in both local and international situations. Key suppliers include Indonesia, Malaysia, Argentina, Russia, and others.

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