Import of Vegetable Oils in India- June ’24 – Up by 18%

The Solvent Extractors’ Association of India has compiled the Import data of Vegetable Oils (edible & non-edible) for the month of June 2024. Import of vegetable oils during June 2024 is reported at 1,550,659 tons compared to 1,314,476 tons in June 2023, consisting 1,527,481 tons of edible oils and 23,178 tons of non-edible oils i.e. up by 18%. The overall import of vegetable oils during first eight months of the oil year during  Nov.’23 to june ’24 is reported at 10,229,106 tons compared to 10,483,120 tons during the same period of last year i.e. down by 2%.

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

Pre-Budget Memorandum – 2024-25:

Hon’ble Finance Minister, on 23rd July will present the Union Budget for the year 2024-25. We are confident that this year’s Union Budget will focus on agriculture and launch the National Mission on Edible Oils with adequate financial support to boost oilseed production and increase availability of edible oils, thereby reducing our dependence on imports. In line with this, SEA has prepared a pre-budget memorandum, particularly emphasizing on raising the duty difference between Crude and Refined oils from 7.5% to 15%.

Also strongly advocated to support the farmers to receive the remunerative price, current duty on crude oil be raised from current level of 5% to 20% and refined oil be raised to 35% gradually to support the domestic farmers and boost the overall production of oilseeds to reduce our import dependence to 15-20% in next 10 years.  

Domestic Stock up by 1.54 lakh tons :

The stock of edible oils  as on 1st July.,2024 at various ports is provisionally estimated at 713,000 tons (CPO 227,000 tons, RBD Palmolein 68,000 tons, Degummed Soybean Oil 111,000 tons and Crude Sunflower Oil 307,000 tons) and pipeline stock considering domestic production and consumption  reported at 1,858,000 tons.  The Total stock as on 1st July, 2024 reported at 2,571,000 tons compared to 2,417,000 tons as on 1st June, 2024  increased by 154,000 tons.

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

Import of Refined & Crude Oil Ratio :-

During Nov.’23-June’24, first eight months of oil year 2023-24, 1,381,818 tons of refined oil (RBD Palmolein) being imported compared to 1,403,581 tons down by 2% and 8,713,347 tons of crude oil imported compared to 8,963,296 tons down by 3% in Nov.’22-June ’23. The share of Refined Oils (RBD Palmolein) and Crude Oils share remain same compared to last year.

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

Import of Palm Oil and Soft Oil :-

During Nov.’23-June’24 first eight months of oil year 2023-24, Palm Oil import decreased to 5,763,367 tons from 6,031,529 tons down by 4%, Also Soft Oil import has decreased to 4,331,799 tons from 4,335,349 tons in Nov.’22-June ’23.  Share of Palm Oil decreased marginally to 57% from 58% However, Soft Oils share increased marginally to 43% from 42% compared to last year of Nov.’22-June ’23.

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

Country-wise Import of Palm & Soft Oil:

Indonesia and Malaysia are the major suppliers of RBD Palmolein and Crude Palm Oil to India. During Nov.’23-June ’24, Indonesia was major supplier of CPO (1,995,008 tons) and RBD Palmolein (1,172,710 tons) followed by Malaysia of CPO (1,777,800 tons),RBD Palmolein (204,108 tons) and CPKO (61,926 tons). In case of Crude Soybean Degummed Oil, India mainly imported from Argentina (1,050,431 tons) followed by Brazil (623,926 tons) while Crude Sunflower Oil mainly imported from Russia (1,174,672 tons) followed by Romania (603,205 tons), Ukraine (352,896 tons) and Argentina (240,200 tons).

Country-wise Import of Edible Oils – Nov.’23 – June ’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 major non-edible oils being imported by the Soap and Ole-chemical industry. Import of Non-edible oils during Nov.’23 to June ’24 reported at 133,941 tons compared to 116,243 tons during the same period of last year i.e. up by 15%.