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.