Import of Vegetable Oils in India - Nov.’23 – Feb.’24 – down by 21%

The Solvent Extractors’ Association of India has compiled the Import data of Vegetable Oils (edible & non-edible) for the month of February 2024. Import of vegetable oils during February 2024 is reported at 974,852 tons compared to 1,114,481 tons in February 2023, consisting 967,852 tons of edible oils and 7,000 tons of non-edible oils i.e. down by 13%. The overall import of vegetable oils during first four months of the oil year during  Nov.’23 to Feb.’24 is reported at 4,647,963 tons compared to 5,887,900 tons during the same period of last year i.e. down by 21%.

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

 Shrinking Global Palm Oil Supplies, Strong Biodiesel Demand to Boost Prices :

The decline of Indian Vegetable Oil imports continue in February 2024. The availability of palm oil for edible oil requirements has come down as the main two producers Malaysia and Indonesia are diverting it for the production of biodiesel this may result in an increase in prices this year. Palm Oil output in Indonesia and Malaysia, which account for a bulk of global production is likely to either rise marginally  in  2024 or decline from last year’s level, as ageing plantations and lack of expansion caps output. Import of soya oil from Argentina increased sharply in February 2024, while import from Brazil declined due to growing requirements of the domestic biofuel industry.

Domestic Stock as on 1st Mar. 2024 :

The stock of edible oils  as on 1st Mar.,2024 at various ports is provisionally estimated at 622,000 tons (CPO 233,000 tons, RBD Palmolein 160,000 tons, Degummed Soybean Oil 83,000 tons and Crude Sunflower Oil 146,000 tons) and pipeline stock considering domestic production and consumption  reported at 1,755,000 tons.  The Total stock as on 1st Mar., 2024 reported at 2,377,000 tons compared to 2,649,000 tons as on 1st Feb., 2024 reduced by 272,000 tons and compared to Mar.’23 down by 10.48 lakh tons.

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

Import of Refined & Crude Oil Ratio :-

During Nov.’23-Feb.’24, first four months of oil year 2023-24, 792,808 tons of refined oil (RBD Palmolein) being imported compared to 819,636 tons down by 3% and 3,822,743 tons of crude oil imported compared to 5,025,129 tons down by 24% in Nov.’22-Feb.’23. The share of Refined Oils (RBD Palmolein) has increased to 17% from 14% while Crude Oils share declined to 83% from 86% compared to same period of last year.

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

Import of Palm Oil and Soft Oil :-

During Nov.’23-Feb.’24 first four months of oil year 2023-24, Palm Oil import decreased to 3,044,485 tons from 3,670,598 tons, down by 17%, Also Soft Oil import has decreased to 1,571,067 tons from 2,174,167 tons in Nov.’22-Feb.’23, down by 28%.  However, share of Palm Oil increased to 66% from 63% and Soft Oils share reduced to 34% from 37% compared to last year of Nov.’22-Feb.’23.

Import of Palm Oil & Soft Oil (Ratio) Nov.’23 - Feb.’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 Feb.’24 reported at 32,412 tons compared to 43,135 tons during the same period of last year i.e. down by 25%.