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.

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