Import of Vegetable Oil in India in Sept. ’24 – Down by 30%

The Solvent Extractors’ Association of India has released the import data for vegetable oils (both edible and non-edible) for September 2024. The import of Vegetable oils in Sept., 2024 reported at 1,087,489 tons compared to 1,552,026 tons in Sept., 2023 consisting 1,064,499 tons of edible oils and 22,990 tons of non-edible oils i.e. down by 30%.   The overall import of vegetable oils during the first eleven months of the current oil year (November 2023 to Sept., 2024) reported at 14,775,000 tons compared to 15,673,102  tons during the same period last year i.e. down by 6%.

The total import for the Oil Year 2023-24 (Nov-Oct) likely to be about 160.0 lakh tons compared to 165.0 lakh tons last year.

Import of Vegetable Oil (Edible & Non-edible) Nov.’23 – Sept.’24 (Qty. in  MT)

Higher shipments in the month of July and August, relatively slow demand in July and August lead to stock building at port. In addition to that Higher volatility and firmness in prices taking the price table higher in short span of time which has made players bit cautious. Reduction in import was led by Palm as Palm Oil is trading above Soy Oil & Sun Oil prices so domestic players have reduced their buying to the inelastic demand of Palm oil and shifting elastic demand to Soft oils.

Post duty increase there has been some washout/cancellations, also has been some delay in the shipment as well for soft oils which has also resulted into late arrivals of imported cargo.

Domestic Stock as on 1st Oct.,2024:

As of 1st Oct., 2024, the stock of edible oils at various ports is provisionally estimated at 820,000 tons, comprising 252,000 tons of CPO, 69,000 tons of RBD Palmolein, 250,000 tons of Degummed Soybean Oil, and 249,000 tons of Crude Sunflower Oil. Additionally, the pipeline stock, accounting for domestic production and consumption, is reported at 1,634,000 tons. The total stock as of 1st Oct., 2024 stands at 2,454,000 tons, decreased by 471,000 tons from the 2,925,000 tons reported as on 1st Sept., 2024.

Current Stock Position at Ports & Pipelines: (Qty. in ‘000 M.T.)

Import of Refined & Crude Oil Ratio :-

In the first eleven months of the 2023-24 oil year (Nov., 2023 – Sept., 2024), India imported 1,695,080 tons of refined oil (RBD Palmolein), a 17% decrease from the 2,053,148 tons imported during the same period last year and 12,840,875 tons of crude oils, down by 4% from 13,415,764 tons during the same period of last year. However, the ratio of refined oils is marginally declined  to 12% from 13%,  while crude oils is increased to 88% from 87%.

Import of Refined & Crude Edible Oils (Ratio) Nov.’23 – Sept. ’24 (Qty. in MT)

Import of Palm Oil and Soft Oil :-

In the first eleven months of the 2023-24 oil year (Nov., 2023 – Sept., 2024), overall Palm Oil imports decreased by 10%, totalling 8,169,893 tons, compared to 9,080,986 tons during the same period last year. In contrast, Soft Oil imports more or less same and reported at 6,366,063 tons, compared to  6,387,926 tons in Nov., 2022 – Sept., 2023. The share of Palm Oil in the import decreased to 56% from 59%, while the share of Soft Oils rose  to 44% from 41% compared to the previous year.

Import of Palm Oil & Soft Oil (Ratio) Nov.’23 – Sept. ’24 (Qty. in MT)

Country-wise Import of Palm & Soft Oil:

Indonesia and Malaysia are the primary suppliers of RBD Palmolein and Crude Palm Oil (CPO) to India. During the period from Nov., 2023 to Sept.,2024, Indonesia was the leading supplier, providing 2,976,890 tons of CPO and 1,426,519 tons of RBD Palmolein. Malaysia followed with 2,551,552 tons of CPO, 263,561 tons of RBD Palmolein, and 73,956 tons of CPKO. Regarding Crude Soybean Degummed Oil, India primarily imported from Argentina (1,899,106 tons), followed by Brazil (908,915 tons). In the case of Crude Sunflower Oil, the main sources were Russia (1,654,942 tons), followed by Romania (629,875 tons), Ukraine (485,136 tons), and Argentina (383,356 tons).

Country-wise Import of Edible Oils – Nov.’23 – Sept. ’24 (Qty. in MT)

Average Prices and Rupee appreciation: (Price in US$/CIF Indian Port/Ton)

Import of Non-edible Oils :

P.F.A.D. and P.K.F.A.D. are the primary non-edible oils imported by the soap and oleochemical industry. From Nov., 2023 to Sept., 2024, the import of non-edible oils increased by 17%, totalling 239,045 tons, compared to 204,190 tons during the same period last year.