Vegetable oil imports down 13% in February to 9.75 lakh tonne: Industry data | Business News

Out of the overall imports, the edible oil shipments fell to 9,67,852 tonne final month from 10,98,475 tonne in February 2023.

Non-edible oils imports too fell to 7,000 tonne from 16,006 tonne within the year-ago interval.

Throughout November 2023-February 2024 interval, the general import of vegetable oils declined 21 per cent to 46,47,963 tonne from 58,87,900 tonne within the corresponding interval of the earlier oil yr.

Oil advertising and marketing yr runs from November to October.

Edible oils import fell to 46,15,551 tonne in the course of the first 4 months of 2023-24 oil yr from 58,44,765 tonne within the year-ago interval.

Non-edible oils import dropped to 32,412 tonne throughout November-February interval of 2023-24 oil yr from 43,135 tonne within the corresponding interval of the earlier yr.

India meets greater than 50 per cent of its home necessities of edible oils by way of imports.

The nation imports palm oil from Indonesia and Malaysia. It imports soyabean oil from Argentina and Brazil.

“The decline of vegetable oil imports continued in February 2024. The provision of palm oil for edible oil necessities has come down as the principle two producers Malaysia and Indonesia are diverting it for the manufacturing of biodiesel,” SEA stated.

This may end in a rise in costs this yr, it added.

“Palm oil output in Indonesia and Malaysia, which account for a bulk of world manufacturing is more likely to both rise marginally in 2024 or decline from final yr’s degree, as ageing plantations and lack of enlargement cap output,” SEA stated.

Import of soyabean oil from Argentina elevated sharply in February 2024, whereas import from Brazil declined resulting from rising necessities of the home biofuel trade.