India's Edible Oil Imports Decline By 3% To 159.6 Lakh Tonne In 2023-24: SEA
In value terms, the imports marginally decreased to Rs 1,31,967 crore in 2023-24, from Rs 1,38,424 crore in the previous year, the SEA said in a statement.
(Photo Source: Envato)
India's edible oil imports declined by 3.09% to 159.6 lakh tonne during the 2023-24 oil marketing year due to higher domestic oilseeds production and reduced demand amid rising prices, according to industry body the Solvent Extractors Association of India or SEA.
The country, which is the world's largest importer of edible oils, had imported 164.7 lakh tonne in the previous oil year (November-October).
In value terms, the imports marginally decreased to Rs 1,31,967 crore in 2023-24, from Rs 1,38,424 crore in the previous year, the SEA said in a statement.
"International prices firmed up due to various reasons which reflected in rise in domestic prices and also reduction in import to some extent," SEA said.
As per the data, crude palm oil imports fell to 69.70 lakh tonne in 2023-24 from 75.88 lakh tonne in the previous year, while RBD palmolein shipments declined to 19.31 lakh tonne from 21.07 lakh tonne.
Among soft oils, soyabean oil imports decreased marginally to 34.41 lakh tonne from 35.06 lakh tonne, while sunflower oil imports rose to 35.06 lakh tonne from 30.01 lakh tonne.
The share of refined oil increased from 3% to 12% in the last five years, while crude oil's share decreased to 88% from 97%, SEA added.
The industry body said edible oil stock of 24.08 lakh tonne is estimated at various ports as on Nov. 1.
Indonesia and Malaysia are the primary suppliers of RBD Palmolein and crude palm oil (CPO) to India.
