The Import of Vegetable Oils (edible & non-edible) for the month of August, 2023 reported at 1,866,123 tons compared to 1,401,233 tons in August 2022, consisting 1,852,115 tons of edible oils and 14,008 tons of non-edible oils i.e. up by 33%. The overall import of vegetable oils during first ten months of the oil year 2022-23, i.e. Nov’22.-Aug.’ 23 is reported at 14,121,076 tons compared to 11,376,226 tons during the same period of last year i.e. up by 24%.
Looking to import of edible oils in first ten months at 141.21 lakh tons, will not be surprised to see record import of over 160 to 165 lakh tons during current oil year ending Oct.’23. Earlier India’s highest import was 151 lakh tons in 2016-17.
Import of Vegetable Oil (Edible & Non-edible), Nov.’22 – Aug. ’23, (Qty. in MT)
Month | 2022-23 | 2021-22 | % Change |
||||
Edible | Non-edible | Total | Edible | Non-edible | Total | ||
Nov.’22 | 1,528,760 | 16,780 | 1,545,540 | 1,138,823 | 34,924 | 1,173,747 | (+) 32% |
Dec.’22 | 1,555,780 | 10,349 | 1,566,129 | 1,216,863 | 9,823 | 1,226,686 | (+) 28% |
Jan.’23 | 1,661,750 | -- | 1,661,750 | 1,251,926 | 18,802 | 1,270,728 | (+) 31% |
Feb.’23 | 1,098,475 | 16,006 | 1,114,481 | 983,608 | 36,389 | 1,019,997 | (+) 9% |
Mar.’23 | 1,135,600 | 36,693 | 1,172,293 | 1,051,698 | 52,872 | 1,104,570 | (+) 6% |
Apr.’23 | 1,021,672 | 28,517 | 1,050,189 | 900,085 | 11,761 | 911,846 | (+) 15% |
May ‘23 | 1,053,265 | 4,998 | 1,058,263 | 1,005,547 | 55,869 | 1,061,416 | (-) 0.30% |
June’23 | 1,311,576 | 2,900 | 1,314,476 | 941,471 | 50,179 | 991,650 | (+) 32% |
July’23 | 1,755,834 | 15,999 | 1,771,833 | 1,205,284 | 9,069 | 1,214,353 | (+) 46% |
Aug.’23 | 1,852,115 | 14,008 | 1,866,123 | 1,375,002 | 26,231 | 1,401,233 | (+) 33% |
Total | 13,974,826 | 146,250 | 14,121,076 | 11,070,307 | 305,919 | 11,376,226 | (+) 24% |
Deficit August Rainfall – A Cause of Worry :
The country received historically low rain-fall in August created anxiousness among farmers, trade and industry. Fortunately, in last one week, monsoon rains have brought some relief to standing soybean crop in Madhya Pradesh and certain part of Maharashtra growing soybean. Groundnut crop in Gujarat with deficit rain still facing threat of reduction in yield.
August 2023 Witnessed a Surge in Edible Oil Import :
Despite ample domestic availability, a sharp drop in domestic edible oil prices has reignited demand, as reflected in the August data. Crude palm oil imports rebounded, regaining competitiveness against soybean and other oils, totaling 8.24 lakh tons in August ’23, slightly down from 8.41 lakh tons in July ’23. Meanwhile, RBD Palmolien imports spiked from 2.17 lakh tons in July ’23 to 2.83 lakh tons in August ’23. In total, palm product imports reached 11.28 lakh tons in August ’23, up from 10.86 lakh tons in July ’23. Additionally, Soybean Oil imports rose to 3.58 lakh tons compared to 3.42 lakh tons in the previous month, while Sunflower Oil imports increased to 3.66 lakh tons, surpassing the 3.27 lakh tons reported in the previous month. This influx of imports is driven by the current low 5.5% duty on Crude Palm Oil, Soybean Oil, and Sunflower Oil, transforming India into a prime destination for excess oil supplies.
Domestic Stock :
The domestic import has shoot up the stock at port and pipeline. The Stock of edible oils as on 1st Sept.,2023 at various ports is provisionally estimated at 1,464,000 tons (CPO 553,000 tons, RBD Palmolein 232,000 tons, Degummed Soybean Oil 383,000 tons and Crude Sunflower Oil 296,000 tons) and pipeline stock considering domestic production and consumption reported at 2,271,000 tons, The total stock as on 1st Sept, 2023 reported at 3,735,000 tons compared to 3,285,000 tons as on 1st August, 2023.
Current Stock Position at Ports & Pipelines : (Qty. in ‘000 M.T.)
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 |
1st Nov. 2022 |
1st Oct. 2022 |
1st Sept. 2022 |
|
Port Stock | 1464 | 949 | 858 | 738 | 736 | 978 | 1050 | 1261 | 1042 | 800 | 647 | 729 | 611 |
Pipelines | 2271 | 2336 | 2082 | 2203 | 2509 | 2469 | 2375 | 2152 | 1959 | 1868 | 1808 | 1852 | 1755 |
Total Stock | 3735 | 3285 | 2940 | 2941 | 3245 | 3447 | 3425 | 3413 | 3001 | 2668 | 2455 | 2581 | 2366 |
Import of Refined Oil Rising :-
Import of RBD Palmolein is rising fast. The overall refined oils (RBD Palmolein) reached at 14% (19.24 lakh tons) which was 5% (6.86 lakh tons) in 2020-21 and 3% (4.21 lakh tons) in 2019-20 only. This is seriously affecting working of domestic palm oil refining industry. The import of crude oil is also rising in last three month and reported at 120.50 lakh tons compared to 97.24 lakh tons in previous year.
Import of Refined & Crude Edible Oils (Ratio): Nov.’22 – Aug.’23 (Qty. in MT)
Year (Nov.-Oct) | Refined Oils | % | Crude Oils | % | Total |
Nov., 2022 | 202,248 | 13% | 1,326,512 | 87% | 1,528,760 |
Dec., 2022 | 256,398 | 16% | 1,299,382 | 84% | 1,555,780 |
Jan.,2023 | 173,754 | 10% | 1,487,996 | 90% | 1,661,750 |
Feb.,2023 | 187,236 | 17% | 911,239 | 83% | 1,098,475 |
Mar.,2023 | 169,462 | 15% | 966,138 | 85% | 1,135,600 |
Apr.,2023 | 112,248 | 11% | 909,424 | 89% | 1,021,672 |
May ,2023 | 85,205 | 8% | 968,060 | 92% | 1,053,265 |
June, 2023 | 217,029 | 17% | 1,094,547 | 83% | 1,311,576 |
July, 2023 | 237,379 | 14% | 1,518,455 | 86% | 1,755,834 |
Aug.,2023 | 283,234 | 15% | 1,568,881 | 85% | 1,852,115 |
Nov.’22 – Aug. ’23 Nov.’21 – Aug. ’22 |
1,924,194 1,346,669 |
14% 12% |
12,050,632 9,723,638 |
86% 88% |
13,974,826 11,070,307 |
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 |
2018-19 | 2,730,881 | 18% | 12,182,526 | 82% | 14,913,407 |
Sharp increased in Palm Oil Import :-
During Nov.’22 to Aug. ’23, import of palm products increased sharply due to price parity and reported at 8,246,189 tons compared to 5,856,119 tons of same period of last year. The share of palm oil increased to 59% from 53%, also soft oils import increased marginally. In last five months, shipment of sunflower and soybean oils sharply increased and overall import during first ten months of the current oil year at 5,728,637 tons compared to 5,214,188 tons last year. The share of soft oils reduced to 41% from 47%.
Import of Palm Oil & Soft Oil (Ratio) Nov,’22 – Aug. ’23 (Qty. in MT)
Year (Nov-Oct) |
Palm Oil | Soft Oil | % | Total | |||||
(RBD Palmolein + CPO + Crude Olein + CPKO) |
Soybean | Sunflower | Rape | Others | Total | ||||
Nov.,2022 | 1,141,678 | 75% | 229,373 | 157,709 | --- | --- | 387,082 | 25% | 1,528,760 |
Dec., 2022 | 1,109,246 | 71% | 252,525 | 194,009 | --- | --- | 446,534 | 29% | 1,555,780 |
Jan.,2023 | 833,667 | 50% | 366,625 | 461,458 | --- | --- | 828,083 | 50% | 1,661,750 |
Feb.,2023 | 586,007 | 53% | 355,840 | 156,628 | --- | --- | 512,468 | 47% | 1,098,475 |
Mar.,2023 | 728,530 | 64% | 258,925 | 148,145 | --- | --- | 407,070 | 36% | 1,135,600 |
Apr.,2023 | 510,094 | 50% | 262,455 | 249,122 | --- | --- | 511,577 | 50% | 1,021,672 |
May 2023 | 439,173 | 42% | 318,887 | 295,206 | --- | --- | 614,093 | 58% | 1,053,265 |
June 2023 | 683,133 | 52% | 437,658 | 190,785 | --- | --- | 628,443 | 48% | 1,311,576 |
July, 2023 | 1,086,305 | 62% | 342,270 | 327,259 | --- | --- | 669,529 | 38% | 1,755,834 |
Aug.,2023 | 1,128,355 | 61% | 357,890 | 365,870 | --- | --- | 723,760 | 39% | 1,852,115 |
Nov.’22-Aug. ’23 Nov.’21-Aug. ’22 |
8,246,189 5,856,119 |
59% 53% |
3,182,447 3,575,253 |
2,546,190 1,638,935 |
--- --- |
--- --- |
5,728,637 5,214,188 |
41% 47% |
13,974,826 11,070,307 |
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 |
Indonesia and Malaysia are major Suppliers of Palm Products to India :
Indonesia and Malaysia are the major suppliers of RBD Palmolein and Crude Palm Oil to India. During Nov.’22-Aug.’23, Indonesia was the major supplier and accounted for 3,127,971 tons of CPO (50%) and 1,593,722 tons of RBD Palmolein (83%) followed by Malaysia of 2,149,333 tons of CPO (34%) and 297,519 tons RBD Palmolein (15%). Thailand is emerging as a regular supplier of crude palm oil to India and supplied 671,345 tons of CPO (11%) and 11,499 tons of RBD Palmolein (1%). In the case of Crude Soybean Degummed Oil; India imported 1,688,039 tons from Argentina (53%) while Brazil is emerging supplier of soybean oil to India and supplied 1,213,612 tons (38%) while for Crude Sunflower Oil, Russia is the leading supplier and supplied 821,763 tons (32%) followed by 487,304 tons from Ukraine (19%) and 357,852 tons from Argentina (14%).
Country-wise Import of Edible Oils Nov.’22 – Aug. ’23 (Qty. in MT)
Country | RBD Palmolein |
Crude Palm Oil |
Crude Palm Kernel Oil |
Crude Soybean Oil |
Crude Sunflower Oil | Crude Rapeseed Oil |
Total |
Indonesia | 1,593,722 | 3,127,971 | 6,100 | 17,462 | 8,217 | -- | 4,753,472 |
Malaysia | 297,519 | 2,149,333 | 55,092 | --- | -- | -- | 2,501,945 |
Thailand | 11,499 | 671,345 | 19,006 | 56,508 | -- | -- | 758,358 |
Argentina | -- | -- | -- | 1,688,039 | 357,852 | -- | 2,045,891 |
Brazil | -- | -- | -- | 1,213,612 | 12,000 | -- | 1,225,612 |
Ukraine | -- | -- | -- | --- | 487,304 | -- | 487,304 |
Russia | 12,000 | -- | -- | 121,801 | 821,763 | -- | 955,564 |
Others | 9,454 | 292,398 | 750 | 85,025 | 859,054 | -- | 1,246,680 |
Total | 1,924,194 | 6,241,047 | 80,948 | 3,182,447 | 2,546,190 | -- | 13,974,826 |
Nov’21-Aug. ’22 | 1,346,669 | 4,442,323 | 67,127 | 3,575,253 | 1,638,935 | -- | 11,070,307 |
Average Prices and Rupee appreciation: (Price in US$/CIF Indian Port/Ton)
Oils | Aug. 2023 |
July 2023 |
June 2023 |
May 2023 |
Apr 2023 |
Mar 2023 |
Feb 2023 |
Jan 2023 |
Dec 2022 |
Nov 2022 |
Oct 2022 |
Sept 2022 |
Aug 2022 |
RBD Palmolein | 894 | 917 | 849 | 915 | 1025 | 1006 | 1002 | 982 | 995 | 1028 | 947 | 942 | 1079 |
Crude Palm Oil | 924 | 945 | 875 | 938 | 1039 | 1024 | 1015 | 997 | 997 | 1024 | 938 | 946 | 1103 |
Crude Soybean Oil | 1056 | 1086 | 1036 | 999 | 1049 | 1155 | 1274 | 1285 | 1326 | 1461 | 1362 | 1296 | 1447 |
Crude Sunflower Oil | 1005 | 1000 | 914 | 957 | 1036 | 1108 | 1224 | 1295 | 1322 | 1445 | 1411 | 1329 | 1571 |
Crude Rapeseed Oil | 1078 | 1057 | 952 | 985 | 1042 | 1155 | 1316 | 1384 | 1418 | N.A. | N.A. | N.A. | N.A. |
FE: 1US$ =(Average) | 82.81 | 82.16 | 82.22 | 82.30 | 81.97 | 82.26 | 82.60 | 81.74 | 82.47 | 81.68 | 82.29 | 80.25 | 79.50 |