India's vegetable oil imports fall 28% in January says industry body SEA

New Delhi, The country's vegetable oil imports declined by 28 per cent to 12 lakh tonnes in January from a year-ago period, industry body SEA said on Monday. Vegetable oil imports stood at 16.61 lakh tonnes in January 2023.

India is a leading vegetable oil buyer in the world.

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

According to the Solvent Extractors Association of India (SEA), about 7,82,983 tonnes of palm oil and 4,08,938 tonnes of soft oil were imported in January this year out of total vegetables oils.

As on February 1, total edible oils stock stood at 26.49 lakh tonnes, down 7.64 per cent 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 bio-diesel. This could result in an increase in prices this year, it said.

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 soyabean, from Argentina. Sunflower oil is imported from Ukraine and Russia.