Import of Vegetable Oils during November 2023, first month of the Oil Year 2023-24, is reported record import of 1,160,590 tons compared 1,030,204 tons in October 2023 i.e. up by 13% and 1,545,540 tons during Nov.’22.  Import of RBD Palmolein during November 2023 reported at 171,069 tons compared to 53,497 tons in previous month. The import of Crude Sunflower Oil down to 128,707 tons from 153,780 ton while Soybean Oil import increased to 149,894 tons compared to 135,325 tons in October 2023.

Excessive Import of RBD Palmolien hitting the Domestic Refiners

The current effective import duty difference of 8.25%  between CPO (5.50%)  and Refined Oil (13.75%) encourages import of Refined Palmolien into our country as opposed to CPO.  The import of RBD Palmolien jumped to more than double in November 2023 and reported at 171,069 tons compared to 53,497 tons in October 2023. Needless to say this import of finished goods is contrary to our national interests and is seriously affecting the capacity utilisation of our Palm refining industry. The main  reason  for rise  in  Palmolien  imports  is  the  encouragement  given  by  exporting countries (Malaysia and Indonesia) to their industry. They have kept High Export duties on Crude Palm and low export duty on Palmolien.(finished product).The import duty difference of 8.25% levied by India between CPO and Palmolien is insufficient to regulate the imports of Palmolien.

The Association has strongly recommended to create 15% duty difference between CPO and RBD Palmolein which would help to reduce Palmolien imports and replace the same with Crude Palm oil imports. Overall imports  into the country would not be affected and it will have no impact on edible oil inflation. On the contrary it will help improve capacity utilisation and employment generation in our country . This would also be in line with our Prime Ministers vision of “Make in India”.

Import of Vegetable Oil (Edible & Non-edible) November, 2023 (Qty. in  MT)

Edible Oils Nov.,2023 Oct.,2023 Nov.,2022
RBD Palmolein 171,069 53,497 202,248
Crude Palm Oil 692,423 641,579 931,180
Crude Sunflower Oil 128,707 153,780 157,709
Crude Soybean Oil 149,894 135,325 229,373
Rape Oil (Canola) --- --- ---
Crude Palm Kernel Oil 5,999 13,000 8,250
Sub-Total 1,148,092 997,181 1,528,760
P.F.A.D. 7,500 33,023 16,000
P.K.F.A.D. 4,998 --- 780
C.P.S. --- --- ---
RBD Palm Stearin --- --- ---
Others --- --- ---
Sub-Total 12,498 33,023 16,780
Grand Total 1,160,590 1,030,204 1,545,540

Domestic Stock as on 1st Dec. 2023 :

The stock of edible oils  as on 1st Dec.,2023 at various ports is provisionally estimated at 985,000 tons (CPO 381,000 tons, RBD Palmolein 149,000 tons, Degummed Soybean Oil 300,000 tons and Crude Sunflower Oil 155,000 tons) and pipeline stock considering domestic production and consumption  reported at 1,975,000 tons.  The Total stock as on 1st Dec., 2023 reported at 2,960,000 tons compared to 3,139,000 tons as on 1st Nov., 2023 reduced by 179,000 tons.

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

  1st
Dec
2023
1st
Nov
2023
1st
Oct.
2023
1st
Sept.
2023
1st
Aug.
2023
1st
July
2023
1st
June
2023
1st
May
2023
1st
Apr.
2023
1st
Mar.
2023
1st
Feb.
2023
1st
Jan.
2023
1st
Dec.
2022
Port Stock 985 1075 1467 1464 949 858 738 736 978 1050 1261 1042 800
Pipelines 1975 2064 2159 2271 2336 2082 2203 2509 2469 2375 2152 1959 1868
Total Stock 2960 3139 3626 3735 3285 2940 2941 3245 3447 3425 3413 3001 2668

Import of Refined & Crude Oil Ratio : 

During November 2023, 171,069 tons of refined oil (RBD Palmolein) being imported compared to 202,248 tons  and 977,023 tons of crude oil imported compared to 1,326,512 tons in November, 2022.

Import of Refined & Crude Edible Oils (Ratio) November 2023 (Qty. in MT)

Year (Nov.-Oct) Refined Oils % Crude Oils % Total
Nov.,2023 171,069 15% 977,023 85% 1,148,092
Nov.,2022 202,248 13% 1,326,512 87% 1,528,760
2022-23 2,106,645 13% 14,359,448 87% 16,466,093
2021-22 1,840,540 13% 12,189,300 87% 14,029,840
2020-21 686,340 5% 12,445,171 95% 13,131,511
2019-20 421,340 3% 12,754,106 97% 13,175,446

Import of Palm Oil and Soft Oil :

During November, 2023, Palm Oil import sharply decreased to 869,491 tons from 1,141,678 tons, Also Soft Oil import has decreased to 278,601 tons from 387,082 tons in November, 2022. Share of Palm Oil and Soft Oils are  more or less same compared to November 2022.

Import of Palm Oil & Soft Oil (Ratio) November 2023 (Qty. in MT)

Year
(Nov-Oct)
Palm Oil Soft Oil  % Total
(RBD Palmolein + CPO
+ Crude Olein + CPKO)
Soybean Sunflower Rape Others Total
Nov.,2023
Nov.,2022
869,491  1,141,678 76%
75%
149,894
229,373
128,707
157,709
---
---
---
---
278,601
387,082
24%
25%
1,148,092
1,528,760
 2021-22 7,914,626 56% 4,171,535 1,943,679 --- --- 6,115,214 44% 14,029,840
2020-21 8,320,537 63% 2,865,619 1,893,578 51,777 --- 4,810,974 37% 13,131,511
2019-20 7,217,357  55% 3,384,054 2,518,999 55,036 -- 5,958,089 45% 13,175,446
2018-19 9,409,248 63% 3,094,113 2,350,875 59,171 -- 5,504,159 37% 14,913,407

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, Indonesia was major supplier of CPO (410,463 tons) and RBD Palmolein (154,726 tons) followed by Malaysia of CPO (195,505 tons) and RBD Palmolein (16,343 tons). In case of Crude Soybean Degummed Oil, India mainly imported from Argentina (93,893 tons) followed by Brazil (3,000 tons) while Crude Sunflower Oil mainly imported from Russia (61,855 tons) followed by Argentina (37,052 tons) and by Romania (29,800 tons)

Country-wise Import of Edible Oils – November 2023 (Qty. in MT)

Country RBD
Palmolein
Crude
Palm Oil
Crude Palm
Kernel Oil
Crude Soybean Oil Crude Sunflower Oil Crude
Rapeseed Oil
Total
Indonesia 154,726 410,463 --- -- -- -- 565,189
Malaysia 16,343 195,505 5,999 -- -- -- 217,847
Thailand -- 86,455 -- -- -- -- 86,455
Argentina -- -- -- 93,893 37,052 -- 130,945
Brazil -- -- -- 3,000 -- -- 3,000
Romania -- -- -- -- 29,800 -- 29,800
Russia -- -- -- -- 61,855 -- 61,855
Others -- -- -- 53,001 -- -- 53,001
Total 171,069 692,423 5,999 149,894 128,707 -- 1,148,092

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

Oils Nov
2023
Oct
2023
Sept.
2023
Aug.
2023
July
2023
June
2023
May
2023
Apr
2023
Mar
2023
Feb
2023
Jan
2023
Dec
2022
Nov
2022
RBD Palmolein 876 849 867 894 917 849 915 1025 1006 1002 982 995 1028
Crude Palm Oil 897 867 883 924 945 875 938 1039 1024 1015 997 997 1024
Crude Soybean Oil 1068 986 1000 1056 1086 1036 999 1049 1155 1274 1285 1326 1461
Crude Sunflower Oil 979 920 911 1005 1000 914 957 1036 1108 1224 1295 1322  1445
Crude Rapeseed Oil 1031 1037 1041 1078 1057 952 985 1042 1155 1316 1384 1418 N.A.
FE: 1US$  =(Average) 83.26 83.21 83.07 82.81 82.16 82.22 82.30 81.97 82.26 82.60 81.74 82.47 81.68

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 decreased by 25% during November 2023 and reported at 12,498 tons compared to 16,780 tons November, 2022.

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