India experienced a remarkable surge in its import of edible oils, as reported by the Solvent Extractors’ Association of India (SEA) on Friday. In June, the country witnessed a substantial growth of 39.31 percent, with the import volume reaching 13.11 lakh tonnes. This surge can be attributed to the escalating demand for edible oils in the market. SEA stated that in June 2022, India had imported 9.41 lakh tonnes of edible oil.
In June, the total imports of vegetable oils, including both edible and non-edible varieties, experienced a significant growth of 49 percent, reaching 13.14 tonnes. This figure represents a substantial increase from the 9.91 lakh tonnes imported during the same month last year. Among these imports, 2,900 tonnes were non-edible oils, primarily procured by soap and oleo-chemical industries.
According to the SEA, despite improved domestic availability, there has been a noticeable increase in imports, indicating a resurgence in demand due to significant declines in domestic prices of edible oils.
In June, the import of crude palm oil rebounded to 4.66 lakh tonnes, showing a significant increase from the previous month’s import of 3.48 lakh tonnes.
Read More: India’s palm oil imports witness sharp 49% surge in June, reaching 3-month high
In June, there was a remarkable surge in the import of RBD Palmolien, rising from 85,000 tonnes in the previous month to 2.17 lakh tonnes. This substantial increase highlights a strong rebound in palm products during that period.
According to the data, it was revealed that imports of sunflower oil witnessed a decline to 1.90 lakh tonnes, in contrast to the previous month’s 2.95 lakh tonnes.
According to the observations made by SEA, the import of palm oil from Indonesia has experienced a significant increase to 4.76 lakh tonnes, whereas the contribution from Malaysia was relatively low at 1.54 lakh tonnes.
The import of soybean oil from Brazil has been on the rise, reaching 1.65 lakh tonnes in June 2023. Furthermore, the overall import of soybean oil from Brazil during the period of November to June has surged to a record level of 9.73 lakh tonnes, compared to 7.20 lakh tonnes in the previous year.