Palm Oil Imports Jump Due To Reduced Global Prices: 52% Of Total Edible Oil Imported

Palm Oil Imports Jump Due To Reduced Global Prices: 52% Of Total Edible Oil Imported

Thanks to a decline in worldwide prices, India's imports of palm oil increased 34.11 percent year over year in April to 6,84,000 metric tons, the Solvent Extractors' Association of India (SEA) reported on Tuesday.

Vikrant DurgaleUpdated: Tuesday, May 14, 2024, 03:48 PM IST
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Thanks to a decline in worldwide prices, India's imports of palm oil increased 34.11 percent year over year in April to 6,84,000 metric tons, the Solvent Extractors' Association of India (SEA) reported on Tuesday.

In comparison to 80.02 lakh metric tons in the same period last year, India imported 70.69 lakh metric tons of edible oils during the first half of the oil year 2023–24 (November–October), representing a decrease of 11.65 per cent.

On the other hand, the import of edible oils increased significantly in April. According to data provided by the Solvent Extractors’ Association of India (SEA), India imported 13.04 lt of edible oils in April 2024 compared to 10.21 lt in the same month the previous year, representing a 27.67 per cent increase. In March 2024, India imported 11.49 liters of edible oil.

Gradual Increase In Sunflower Import
India imported 15.87 liters of crude sunflower oil between November and April of 2023–2024, as opposed to 13.67 liters during the same period in 2022–2023. Compared to 4.45 lt in March 2024, the import of crude sunflower oil decreased to 2.34 lt in April 2024.

In the oil year 2023–24, Russia exported 6.26 liters of crude sunflower oil to India between November and April. Romania came in second with 5.21 liters, Argentina with 1.76 liters, and Ukraine with 1.69 liters.

During the first half of the oil year 2023–24, India's total imports of vegetable oils (including edible and non-edible oils) decreased by 11.86 percent to 71.48 lt from 81.10 lt in the corresponding period of 2022–23.

Palm oil is the biggest import.

52 percent of India's 13,04,409 metric tons of edible oil imports in April were palm oil, according to a statement from the trade association.
RBD palmolein imports among palm oils increased to 1,24,228 metric tons from 1,12,248 metric tons during the same period last year.

While imports of crude palm kernel oil increased nearly sixfold to 23,618 metric tons from 3,990 metric tons, CPO (crude palm oil) shipments increased 36 per cent to 5,36,248 metric tons over 3,93,856 metric tons.

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