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Edible Oil: Demand for edible oils increased in India, cost of import bill reached ₹ 1.57 lakh crore

Edible Oil Import Duty In India: Big news related to India’s edible oils is coming out. There has been a tremendous jump of 34.18 percent in the Edible Oil Import Duty of India. Solvent Extractors Association of India (SEA) has given this information in its report. This record is till the end of the year 2022 October. The cost of the import bill of edible oils has reached Rs 1.57 lakh crore. Similarly, the quantity of oil import has increased by 6.85 percent to 140.3 lakh tonnes. Please tell that India is also the largest edible oil buyer in the world.

fast growing demand

The demand for edible oils has increased rapidly in the country in recent months. Due to this, the expenditure on import of oils has increased. According to the SEA report, India imported 131.3 lakh tonnes of edible oils during 2020-21 (November-October). Last year, India had spent Rs 1.17 lakh crore on the purchase of oils. But by October 2022, this expenditure has increased to Rs 1.57 lakh crore. The import of edible oils has increased continuously in the first two quarters of this financial year, while a decline has been registered in the third quarter.

The demand for this oil doubled

According to SEA, the oils which have had the highest import. In this, the import of RBD Palmolein Oil has doubled. The import of this oil is 18.41 lakh tonnes in 2021-22, whereas last year its quantity was 6.86 lakh tonnes. The import of Crude Palm Oil has decreased by 20 percent to reach 59.94 lakh tonnes as against 74.91 lakh tonnes.

The demand for this oil has decreased

The import of Crude Palm Kernel Oil (CPKO) has come down from 1,43,000 tonnes to 80,000 tonnes in the same period. In soft oil, the import of soybean oil has increased the fastest to 41.71 lakh tonnes. Last year its import was 28.66 lakh tonnes. The import of soybean oil has increased due to the decrease in the supply of sunflower oil.

Palm oil supply remained low

It is known that the supply of palm oil has been less in March-April, due to which its price has increased. After this Indonesia banned the export of palm oil in the month of May-June. This stopped India’s palm oil purchases. Due to which the import of palm oil in India has come down to 79.15 lakh tonnes in 2021-22. In the previous year, this import stood at 83.21 lakh tonnes.

export ban lifted

The import of edible oils has seen an increase in the fourth quarter of the financial year 2022-23. Indonesia has lifted the ban on the export of its palm oil. After this, the prices of edible oils came down all over the world. Taking advantage of the fall in international prices, India has imported edible oils on a large scale.

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