Record Import of Edible Oil in India in July ’24 – 18.40 Lakh Tons

The Solvent Extractors’ Association of India has released the import data for vegetable oils (both edible and non-edible) for July 2024. The import of edible oils in July 2024 reached 18.40 lakh tons, slightly lower than the 18.52 lakh tons ever highest in August 2023. Notably, India imported a record quantity of Palm Oil at 10.81 lakh tons in July 2024, the highest since November 2022, when imports stood at 11.41 lakh tons in a single month.  The overall import of vegetable oils during the first nine months of the current oil year (November 2023 to July 2024) totalled 121.24 lakh tons, marking a slight decrease of 1% compared to 122.55 lakh tons during the same period last year.

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

In the first quarter of the 2023-24 oil year (November 2023 - January 2024), imports dropped significantly by 23%, primarily due to improved domestic availability. However, in the second quarter, imports saw a slight increase of 4%. The third quarter witnessed a substantial surge in imports, jumping by 20%, driven by a large influx in July 2024, in anticipation of the upcoming festival season in India. This surge led to congestion at Kandla port, causing berthing delays of 8 to 10 days.

Domestic Stock Up by 3.29 Lakh Tons:

As of 1st August 2024, the stock of edible oils at various ports is provisionally estimated at 988,000 tons, comprising 372,000 tons of CPO, 110,000 tons of RBD Palmolein, 184,000 tons of Degummed Soybean Oil, and 322,000 tons of Crude Sunflower Oil. Additionally, the pipeline stock, accounting for domestic production and consumption, is reported at 1,914,000 tons. The total stock as of 1st August 2024 stands at 2,902,000 tons, an increase of 329,000 tons from the 2,573,000 tons reported on 1st July 2024. This rise is primarily due to the excessive imports during July 2024 but much below of stock position as on 1st August, 2023.

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

Import of Refined & Crude Oil Ratio :-

In the first nine months of the 2023-24 oil year (November 2023 - July 2024), India imported 1,518,671 tons of refined oil (RBD Palmolein), a 7% decrease from the 1,640,960 tons imported during the same period last year. Additionally, 10,416,556 tons of crude oil were imported, down by 1% compared to 10,481,751 tons in November 2022 - July 2023. The share of refined oils (RBD Palmolein) and crude oils has remained relatively consistent with last year's figures.

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

Import of Palm Oil and Soft Oil :-

In the first nine months of the 2023-24 oil year (November 2023 - July 2024), overall Palm Oil imports decreased by 4%, totaling 6,845,097 tons, compared to 7,117,834 tons during the same period last year. In contrast, Soft Oil imports increased to 5,090,131 tons, up from 5,004,877 tons in November 2022 - July 2023. The share of Palm Oil in the import mix 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 – July ’24 (Qty. in MT)

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 July 2024, Indonesia was the leading supplier, providing 2,494,282 tons of CPO and 1,300,589 tons of RBD Palmolein. Malaysia followed with 2,071,148 tons of CPO, 213,082 tons of RBD Palmolein, and 66,426 tons of CPKO.  Regarding Crude Soybean Degummed Oil, India primarily imported from Argentina (1,352,515 tons), followed by Brazil (710,633 tons). In the case of Crude Sunflower Oil, the main sources were Russia (1,364,487 tons), followed by Romania (629,878 tons), Ukraine (396,116 tons), and Argentina (325,920 tons).

Country-wise Import of Edible Oils – Nov.’23 – July ’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 primary non-edible oils imported by the soap and oleochemical industry. From November 2023 to July 2024, the import of non-edible oils increased by 43%, totalling 188,955 tons, compared to 132,242 tons during the same period last year.