HomeNewsIndia's vegetable oil imports drop 28% in January 2024; prices may surge...

India’s vegetable oil imports drop 28% in January 2024; prices may surge amid global supply constraints, says SEA

India’s vegetable oil imports fell by 28% to 1.2 million tonnes in January compared to the same period last year, said the industry body SEA on Monday.

In January 2023, imports of vegetable oil reached 16.61 lakh tonnes.

India is a leading purchaser of vegetable oil on the global stage.

Continue Exploring: Indian govt extends reduced import duty on edible oils until March 2025, implements 50% export duty on molasses

In the first quarter (November-January) of the current oil year, total imports dropped 23% to 36.73 lakh tonnes as against 47.73 lakh tonnes in the same quarter of the previous year.

According to the Solvent Extractors Association of India (SEA), in January this year, a total of 782,983 tonnes of palm oil and 408,938 tonnes of soft oil were imported, comprising a substantial portion of the overall vegetable oil imports.

As of February 1, total edible oils stock stood at 26.49 lakh tonnes, down 7.64% from that of the year-ago period, it said in a statement.

SEA said prices of edible oils, which are currently low, may go up this year on lower production, global economic issues and supply constraints.

The availability of palm oil for edible oil requirements has come down as the two main producers, Malaysia and Indonesia, are diverting it for the production of biodiesel. This could increase prices this year, it said.

Continue Exploring: Edible oil trade body SEA calls for reduced MRP to match global market slump

Global palm oil output was seasonally low in January-March 2024, leading to a reduction of stocks both in producing as well as importing countries, it added.

India imports palm oil mainly from Indonesia and Malaysia and a small quantity of crude soft oil, including soybean, from Argentina. Sunflower oil is imported from Ukraine and Russia.

Latest articles

Uber Eats partners with Cartken and Mitsubishi Electric to launch autonomous food delivery robots in Tokyo

Uber Eats is gearing up to roll out autonomous food delivery robots on the...

Fruitoholic raises INR 25 Crores in fundraising round, gears up for expansion into new markets

Fruitoholic, the renowned fresh fruit brand, has secured a total of INR 25 Crores...

Ikea India streamlines operations, set to close R-City Mumbai store by mid-2024

Ikea India has decided to discontinue operations at its R-City Mall store in Mumbai...

Accessorize London bolsters e-commerce capabilities with Unicommerce integration

Accessorize London, the fashion accessories brand, has teamed up with Gurugram-based e-commerce enablement SaaS...

Related Articles

Uber Eats partners with Cartken and Mitsubishi Electric to launch autonomous food delivery robots in Tokyo

Uber Eats is gearing up to roll out autonomous food delivery robots on the...

Fruitoholic raises INR 25 Crores in fundraising round, gears up for expansion into new markets

Fruitoholic, the renowned fresh fruit brand, has secured a total of INR 25 Crores...

Ikea India streamlines operations, set to close R-City Mumbai store by mid-2024

Ikea India has decided to discontinue operations at its R-City Mall store in Mumbai...
× Drop a, Hi?