India imported 10.09 million tonnes (MT) of edible oils during the first eight months of oil year 2023-24 (November to October) as against 10.36 million tonnes (MT) in the corresponding period of oil year 2022-23, registering a decline of 2.62 per cent. done. ,
However, India imported 1.52 million tonnes of edible oil in June 2024 as against 1.31 million tonnes in June 2023, registering a growth of 16.46 per cent.
Data compiled by the Solvent Extractors Association of India (SEA) showed that imports of palm oil and soybean oil declined during the first eight months of the oil year 2023-24.
SEA Executive Director BV Mehta said imports of composite palm oil (including crude palm oil and RBD palmolein) declined to 5.7 million tonnes in the first eight months of the oil year 2023-24 from 6.03 million tonnes in the same period last year. India imported 1.38 million tonnes of refined oil (RBD palmolein) during November-June of the 2023-24 oil year, compared to 1.40 million tonnes in the same period of the previous oil year.
Soybean oil imports into India during the first eight months of the oil year 2023-24 stood at 1.86 million tonnes (2.48 million tonnes during November-June 2022-23). However, sunflower oil imports into India increased to 2.46 million tonnes (1.85 million tonnes) during November-June 2023-24.
Mehta said the share of palm oil in total edible oil imports declined marginally to 57 per cent during the first eight months of the oil year 2023-24, from 58 per cent in the same period of the previous oil year. The share of soft oils in total edible oil imports increased marginally to 43 per cent (42 per cent) during this period.
major exporter
Indonesia and Malaysia were the major suppliers of RBD palmolein and crude palm oil to India. During November-June of 2023-24, Indonesia exported 1.99 million tonnes of crude palm oil and 1.17 million tonnes of RBD palmolein, followed by Malaysia which exported 1.77 million tonnes of crude palm oil and 0.2 million tonnes of RBD palmolein.
India imported 1.05 million tonnes of crude soybean de-gum oil from Argentina, followed by 0.62 million tonnes from Brazil.
During the first eight months of the 2023-24 oil year, Russia exported 1.17 million tonnes of crude sunflower oil to India. This was followed by Romania at 0.6 million tonnes, Ukraine at 0.35 million tonnes and Argentina at 0.24 million tonnes.
Mehta said: âWe are confident that this year’s budget will focus on agriculture and launch the National Mission on Edible Oils with adequate financial support to boost oilseed production and increase the availability of edible oils, thereby reducing our dependence on imports. Will be less. In line with this, SEA has prepared a pre-Budget memorandum, which specifically emphasizes on increasing the duty differential between crude and refined oils from 7.5 per cent to 15 per cent.”
The current duty on crude edible oils should be increased to 20 per cent from the current level of 5 per cent, and on refined oils gradually increased to 35 per cent. He said such a move would help support domestic farmers and boost overall production of oilseeds to reduce India’s import dependence by 15-20 per cent in the next 10 years.
