Palm oil imports fell to 25.46 lt from 30.84 lt in the first quarter of the oil year 2022-23, a 17% decrease.
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India's Edible Oil Imports
The first quarter of the oil year 2023-24 saw a 23% decrease in the importation of edible oil; however, the Solvent Extractors' Association of India (SEA) has indicated that lower production, worldwide economic concerns, and supply constraints could lead to an increase in edible oil prices this year.
According to data compiled by SEA, India imported 36.47 lakh tonnes (lt) of edible oil between November 2023 and January 2024, a 23% decrease from the 47.46 lt imported during the same period last year.
Imports of palm oil dropped by 17% to 25.46 lt from 30.84 lt. Soft oil imports fell by 32% to 11.01 liters from 16.61 liters.
Nonetheless, the proportion of imported palm oil to all edible oil imports rose to 70% (from 65% a year earlier), while the proportion of imported soft oils dropped to 30% (35%). Refined oil (RBD palmolein), totaling 6.67 lt was imported during the review period.
Still, a 28% decrease in crude edible oil imports—29.80 lt versus 41.13 lt—was recorded. The percentage of refined oils (RBD palmolein) increased to 18% (13%). The percentage of crude edible oils fell to 82 percent (87 percent).
Edible Oil Production
Stating that this year's prices may rise as a result of the two major producers, Malaysia and Indonesia, diverting their palm oil supply for the production of biodiesel, reducing its availability for use in edible oil requirements.
In January-March 2024, there may be a seasonal decrease in palm oil production worldwide, which would force a reduction in stocks in both producing and importing nations. BV Mehta of SEA cited Oilworld when stating that the market for soybean oil is currently moving from a state of scarcity to one of abundance, with the latter largely reflecting the expected significant rise in Argentine export supplies. He mentioned “In India, sunflower oil imports are expected to decline this season due to lower total import requirements and soya oil regaining market share.”
Major Suppliers
India's main suppliers of RBD palmolein and crude palm oil are Indonesia and Malaysia. Indonesia exported 9.61 lt of CPO and 6.14 lt of RBD palmolein in the first quarter of 2023-2024. 53,127 tonnes of RBD palmolein and 7.29 lt of CPO were exported by Malaysia.
India imported 2.14 liters of crude soybean degummed oil from Brazil and 1.91 liters from Argentina. India purchased 2.32 liters of crude sunflower oil from Romania, 1.60 liters from Russia, 1.19 liters from Argentina, and 42,990 liters from Ukraine.
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