In April, India’s palm oil imports surged by 34.11% year-on-year, reaching 684,000 tonnes, buoyed by a decline in global prices, as per the Solvent Extractors’ Association of India (SEA). This accounted for 52% of India’s total edible oil imports of 1,304,409 tonnes in April, with sunflower and soybean oils contributing 620,315 tonnes, according to the trade body’s statement.
When considering non-edible oils, the overall import of vegetable oils in April saw a notable increase of 26%, totaling 1,318,528 tonnes compared to 1,050,189 tonnes a year earlier.
The Solvent Extractors’ Association of India (SEA) mentioned that subdued global prices prompted increased imports of refined, bleached, and deodorized (RBD) palmolein and crude palm oil (CPO), with a decrease of nearly USD 100 per tonne noted last month.
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It further added that soybean oil prices experienced a global decline of USD 40 per tonne, whereas the sunflower oil rate saw a comparatively smaller drop of just USD 15 per tonne over the past month.
Regarding palm oils, imports of RBD palmolein rose to 124,228 tonnes compared to 112,248 tonnes during the same period last year.
Shipments of CPO (crude palm oil) surged by 36% to reach 536,248 tonnes, up from 393,856 tonnes, while imports of crude palm kernel oil experienced a remarkable nearly 6-fold increase, soaring to 23,618 tonnes from 3,990 tonnes.
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In the category of soft oils, imports of soybean oil witnessed a surge to 385,514 tonnes from 262,455 tonnes, while inflows of sunflower oil slightly decreased to 234,801 tonnes from 249,122 tonnes.
SEA reported that as of May 1, India’s edible oil stockpiles amounted to 2.245 million tonnes.
India stands as the largest importer of edible oil globally. Indonesia and Malaysia serve as the primary sources of RBD palmolein and CPO, while soybean oil originates from Argentina and Brazil, and sunflower oil from Russia, Romania, and Ukraine.
