Edible Oil Import: India has increased the import of edible oil by 34 percent to 15.29 lakh tonnes during November 2022. This increase is due to a sharp jump in the import of crude palm and refined palm oil. At the same time, vegetable oil has increased by 32 percent to 15.45 lakh tonnes, which was 11.73 lakh tonnes during this month last year.
The Solvent Extractors Association of India (SEA) on Wednesday released the import data of total vegetable oils including edible oil and non-edible oil for the first month of November of the 2022-23 oil marketing year. . According to this data, the shipment of edible oils has increased to 15 lakh 28 thousand 760 tonnes in November this year, which was 11.39 lakh tonnes in the same month of 2021.
According to SEA, if we talk about non-edible oils, its import has fallen by 52 per cent to 16,780 tonnes from 34,924 tonnes during the month of November. SEA said that crude palm oil has registered a record high jump. India has imported a record 9.31 lakh tonnes of palm oil during the month of November, while it was 4.7 lakh tonnes in the same month last year. Earlier, the highest import of crude palm oil was in October 2015 at 8.7 lakh tonnes.
Import of refined oil also increased
Talking about the import of refined palmolein, it has increased to 2.02 tonnes in November, which was 58 thousand 267 tonnes in the same month last year. The import of sunflower oil has also increased from 1 lakh 25 thousand tonnes to 1.57 lakh tonnes. At the same time, the shipment of crude soybean oil has decreased from 4 lakh 74 thousand and 160 tonnes in November 2021 to 2 lakh 29 thousand 373 last month.
Concern over more refined oil imports
SEA expressed concern over excessive import of refined palmolein as it is affecting domestic refiners. The association said the current import duty of 7.5 per cent is being imposed on crude palm oil at 5 per cent and refined oil at 12.5 per cent. Such a low duty is not sufficient to stop the import of refined palmolein into India. Other countries are benefiting from this and domestic markets are being affected. Countries like Malaysia and Indonesia are benefiting from this.
According to PTI reports, the association has demanded an increase in import duty on refined palmolein from 12.5 per cent to 20 per cent and a 15 per cent duty difference between CPO and RBD palmolein.
Oil import increased by 34 percent in October
Significantly, in the marketing year 2021-22 that ended in October, India’s import of edible oils increased from 131.3 lakh tonnes in the previous year to 140.3 lakh tonnes. Import of edible oils increased by 34 percent to about Rs 1.57 lakh crore in 2021-22, from Rs 1.17 lakh crore in 2020-21.
From where oil is imported in India
India imports palm oil from Indonesia, Malaysia and Thailand. Soybean oil comes from Argentina and Brazil, while sunflower oil comes from Ukraine and Russia.