The Solvent Extractors’ Association of India has released the import data for vegetable oils (both edible and non-edible) for August 2024. The import of edible oils in August 2024 reported at 1,563,329 tons compared to 1,866,123 tons in August 2023 consisting 1,536,229 tons of edible oils and 27,100 tons of non-edible oils i.e. down by 16%. The overall import of vegetable oils during the first ten months of the current oil year (November 2023 to August 2024) reported at 13,687,511 tons compared to 14,121,076 tons during the same period last year i.e. down by 3%.
The trade estimate for import of edible oils during Sept – Oct (2 months) is about 27 to 28 lakh tons. The total import for the Oil Year 2023-24 (Nov-Oct) likely to be in between 160 -165 lakh tons more or less same of the last year.
Import of Vegetable Oil (Edible & Non-edible) Nov.’23 – Aug.’24 (Qty. in MT)
Month | 2023-24 | 2022-23 | % Change |
||||
Edible | Non-edible | Total | Edible | Non-edible | Total | ||
Nov.’23 | 1,148,092 | 12,498 | 1,160,590 | 1,528,760 | 16,780 | 1,545,540 | (-) 25% |
Dec.’23 | 1,307,686 | 4,000 | 1,311,686 | 1,555,780 | 10,349 | 1,566,129 | (-) 16% |
Jan.’24 | 1,191,921 | 8,914 | 1,200,835 | 1,661,750 | -- | 1,661,750 | (-) 28% |
Feb.’24 | 967,852 | 7,000 | 974,852 | 1,098,475 | 16,006 | 1,114,481 | (-) 13% |
Mar.’24 | 1,149,681 | 32,471 | 1,182,152 | 1,135,600 | 36,693 | 1,172,293 | (+) 1% |
Apr.’24 | 1,304,409 | 14,119 | 1,318,528 | 1,021,672 | 28,517 | 1,050,189 | (+) 26% |
May ‘24 | 1,498,043 | 31,761 | 1,529,804 | 1,053,265 | 4,998 | 1,058,263 | (+) 45% |
June’24 | 1,527,481 | 23,178 | 1,550,659 | 1,311,576 | 2,900 | 1,314,476 | (+) 18% |
July ’24 | 1,840,062 | 55,014 | 1,895,076 | 1,755,834 | 15,999 | 1,771,833 | (+) 7% |
Aug.’24 | 1,536,229 | 27,100 | 1,563,329 | 1,852,115 | 14,008 | 1,866,123 | (-) 16% |
Total | 13,471,456 | 216,055 | 13,687,511 | 13,974,826 | 146,250 | 14,121,076 | (-) 3% |
Last two months, soybean ex-mandi price was much below of MSP of Rs. 4892 by Rs.550 to 600 per quintal which created lot of unrest among the farmers and also the new crop just 4 to 5 weeks away which will bring additional pressure on price realisation to the farmers during the harvesting period. We compliment to Central Government for permitting Madhya Pradesh, Maharashtra and Karnataka to procure soybean at the fixed minimum support price (MSP) of Rs. 4892/- per quintal which will support to the price and in fact in last 2 to 3 days price moved to Rs. 4600/- to 4700/- per quintal.
The best solution would be increased in import duty on crude edible oils and refined oils by 20 to 25% across the board with a duty difference of minimum 15%. This will translate into remunerative price to the farmers for his produce and the market forces will able to pay above MSP price to the farmers and same time Government do not have to procured at MSP. It’s a win-win situation for the farmers, industry and the Government. SEA is continuously perusing the Central Government to raise the import duty with duty difference and hope some positive decision will be taken by the Government.
Domestic Stock as on 1st Sept.,2024 :
As of 1st Sept., 2024, the stock of edible oils at various ports is provisionally estimated at 1,041,000 tons, comprising 318,000 tons of CPO, 94,000 tons of RBD Palmolein, 228,000 tons of Degummed Soybean Oil, and 401,000 tons of Crude Sunflower Oil. Additionally, the pipeline stock, accounting for domestic production and consumption, is reported at 1,884,000 tons. The total stock as of 1st Sept., 2024 stands at 2,925,000 tons, an increase of 23,000 tons from the 2,902,000 tons reported on 1st August 2024.
Current Stock Position at Ports & Pipelines : (Qty. in ‘000 M.T.)
1st Sept. 2024 |
1st Aug. 2024 |
1st July 2024 |
1st June 2024 |
1st May 2024 |
1st Apr. 2024 |
1st Mar. 2024 |
1st Feb. 2024 |
1st Jan. 2024 |
1st Dec 2023 |
1st Nov 2023 |
1st Oct. 2023 |
1st Sept. 2023 |
|
Port Stock | 1041 | 988 | 713 | 668 | 603 | 590 | 622 | 854 | 948 | 985 | 1075 | 1467 | 1464 |
Pipelines | 1884 | 1914 | 1860 | 1749 | 1721 | 1725 | 1755 | 1795 | 1949 | 1975 | 2064 | 2159 | 2271 |
Total Stock | 2925 | 2902 | 2573 | 2417 | 2324 | 2315 | 2377 | 2649 | 2897 | 2960 | 3139 | 3626 | 3735 |
Import of Refined & Crude Oil Ratio :-
In the first ten months of the 2023-24 oil year (November 2023 - August 2024), India imported 1,610,801 tons of refined oil (RBD Palmolein), a 16% decrease from the 1,924,194 tons imported during the same period last year and 11,860,655 tons of crude oils, down by 2% from 12,050,632 tons during the same period of last year. However, the ratio of refined oils is declined to 12% from 12%, while crude oils is increased to 88% from 86%.
Import of Refined & Crude Edible Oils (Ratio) Nov.’23 – Aug. ’24 (Qty. in MT)
Year (Nov.-Oct) | Refined Oils | % | Crude Oils | % | Total |
Nov.,2023 | 171,069 | 15% | 977,023 | 85% | 1,148,092 |
Dec., 2023 | 251,667 | 19% | 1,056,019 | 81% | 1,307,686 |
Jan., 2024 | 244,676 | 21% | 947,245 | 79% | 1,191,921 |
Feb.,2024 | 125,396 | 13% | 842,456 | 87% | 967,852 |
Mar,.2024 | 93,799 | 8% | 1,055,882 | 92% | 1,149,681 |
Apr.,2024 | 124,228 | 10% | 1,180,181 | 90% | 1,304,409 |
May, 2024 | 225,746 | 15% | 1,272,297 | 85% | 1,498,043 |
June, 2024 | 145,237 | 10% | 1,382,244 | 90% | 1,527,481 |
July, 2024 | 136,853 | 7% | 1,703,209 | 93% | 1,840.062 |
Aug.,2024 | 92,130 | 6% | 1,444,099 | 94% | 1,536,229 |
Nov’23 – Aug. ’24 Nov’22 – Aug. ’23 |
1,610,801 1,924,194 |
12% 14% |
11,860,655 12,050,632 |
88% 86% |
13,471,456 13,974,826 |
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 :-
In the first ten months of the 2023-24 oil year (November 2023 - August 2024), overall Palm Oil imports decreased by 7%, totalling 7,642,579 tons, compared to 8,246,189 tons during the same period last year. In contrast, Soft Oil imports increased to 5,828,878 tons, up from 5,728,637 tons in November 2022 - August 2023. The share of Palm Oil in the import decreased slightly to 57% from 59%, while the share of Soft Oils rose marginally to 43% from 41% compared to the previous year.
Import of Palm Oil & Soft Oil (Ratio) Nov.’23 – Aug. ’24 (Qty. in MT)
Year (Nov-Oct) |
Palm Oil | Soft Oils | % | Total | |||||
(RBD Palmolein + CPO + Crude Olein + CPKO) |
Soybean | Sunflower | Rape | Others | Total | ||||
Nov.,2023 | 869,491 | 76% | 149,894 | 128,707 | --- | --- | 278,601 | 24% | 1,148,092 |
Dec., 2023 | 894,186 | 68% | 152,650 | 260,850 | --- | --- | 413,500 | 32% | 1,307,686 |
Jan.,2024 | 782,983 | 66% | 188,859 | 220,079 | --- | --- | 408,938 | 34% | 1,191,921 |
Feb.,2024 | 497,824 | 51% | 172,936 | 297,092 | --- | --- | 470,028 | 49% | 967,852 |
Mar.,2024 | 485,354 | 42% | 218,604 | 445,723 | --- | --- | 664,327 | 58% | 1,149,681 |
Apr.,2024 | 684,094 | 52% | 385,514 | 234,801 | --- | --- | 620,315 | 48% | 1,304,409 |
May, 2024 | 763,300 | 51% | 324,016 | 410,727 | --- | --- | 734,743 | 49% | 1,498,043 |
June, 2024 | 786,134 | 51% | 275,700 | 465,647 | --- | --- | 741,347 | 49% | 1,527,481 |
July, 2024 | 1,081,730 | 59% | 391,791 | 366,541 | --- | --- | 758,332 | 41% | 1,840,062 |
Aug.,2024 | 797,482 | 52% | 454,639 | 284,108 | --- | --- | 738,747 | 48% | 1,536,229 |
Nov’23 – Aug. ’24 Nov’22 – Aug. ’23 |
7,642,579 8,246,189 |
57% 59% |
2,714,603 3,182,447 |
3,114,275 2,546,190 |
--- --- |
--- --- |
5,828,878 5,728,637 |
43% 41% |
13,471,456 13,974,826 |
2022-23 | 9,789,062 | 59% | 3,676,329 | 3,000,702 | --- | --- | 6,677,031 | 41% | 16,466,093 |
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 |
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 November 2023 to August 2024, Indonesia was the leading supplier, providing 2,806,429 tons of CPO and 1,377,919 tons of RBD Palmolein. Malaysia followed with 2,376,270 tons of CPO, 227,882 tons of RBD Palmolein, and 68,456 tons of CPKO. Regarding Crude Soybean Degummed Oil, India primarily imported from Argentina (1,670,363 tons), followed by Brazil (815,415 tons). In the case of Crude Sunflower Oil, the main sources were Russia (1,523,319 tons), followed by Romania (629,875 tons), Ukraine (485,136 tons), and Argentina (362,176 tons).
Country-wise Import of Edible Oils – Nov.’23 – Aug. ’24 (Qty. in MT)
Country | RBD Palmolein |
Crude Palm Oil |
Crude Palm Kernel Oil |
Crude Soybean Oil | Crude Sunflower Oil | Crude Rapeseed Oil |
Total |
Indonesia | 1,377,919 | 2,806,429 | 4,500 | -- | -- | -- | 4,188,848 |
Malaysia | 227,882 | 2,376,270 | 68,456 | -- | -- | -- | 2,672,608 |
Thailand | 5,000 | 581,140 | 13,619 | 19,004 | -- | -- | 618,763 |
Argentina | -- | -- | -- | 1,670,363 | 362,176 | -- | 2,032,539 |
Brazil | -- | -- | -- | 815,415 | 4,500 | -- | 819,915 |
Ukraine | -- | -- | -- | 15,000 | 485,136 | -- | 500,136 |
Romania | -- | -- | -- | 8,000 | 629,875 | -- | 637,875 |
Russia | -- | -- | -- | 119,806 | 1,523,319 | -- | 1,643,125 |
Others | -- | 176,752 | 4,612 | 67,015 | 109,269 | -- | 357,648 |
Total | 1,610,801 | 5,940,591 | 91,187 | 2,714,603 | 3,114,275 | -- | 13,471,456 |
Average Prices and Rupee appreciation: (Price in US$/CIF Indian Port/Ton)
Oils | Aug. 2024 |
July 2024 |
June 2024 |
May 2024 |
Apr 2024 |
Mar 2024 |
Feb 2024 |
Jan 2024 |
Dec 2023 |
Nov 2023 |
Oct 2023 |
Sept 2023 |
Aug 2023 |
RBD Palmolein | 980 | 949 | 924 | 911 | 972 | 988 | 903 | 885 | 858 | 876 | 849 | 867 | 894 |
Crude Palm Oil | 1011 | 979 | 954 | 951 | 999 | 1018 | 933 | 911 | 883 | 897 | 867 | 883 | 924 |
Crude Soybean Oil | 1015 | 1054 | 1049 | 1000 | 989 | 995 | 924 | 939 | 976 | 1068 | 986 | 1000 | 1056 |
Crude Sunflower Oil | 1019 | 1043 | 1065 | 987 | 970 | 964 | 920 | 933 | 945 | 979 | 920 | 911 | 1005 |
Crude Rapeseed Oil | 1501 | 1049 | 1039 | 1012 | 1022 | 1028 | 984 | 1000 | 1002 | 1031 | 1037 | 1041 | 1078 |
FE: 1US$ =(Average) | 83.88 | 83.59 | 83.46 | 83.39 | 83.40 | 83.02 | 82.95 | 83.11 | 83.25 | 83.26 | 83.21 | 83.07 | 82.81 |
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 November 2023 to August 2024, the import of non-edible oils increased by 48%, totalling 216,055 tons, compared to 146,250 tons during the same period last year.