India's edible oil imports decline marginally in first nine months of 2023-24 oil year

16 Aug 2024 Evaluate

India's edible oil imports declined marginally by 1.6 per cent to 11,935,227 tonnes in the first nine months (Nov-Jul) of 2023-24 oil marketing year ending October as compared to 12,122,711 tonnes in the first nine months of 2022-23. Oil marketing year runs from November to October. More than 50 per cent of India's cooking oils demand is met through imports.

Imports of non-edible oils, however, increased to 1,88,955 tonnes from 1,32,242 tonnes. The total import of vegetable oils (edible and non-edible oils) during the first nine months of the current oil year stood at 12,124,182 tonnes, down 1 per cent compared to 12,254,953 tonnes in the year-ago period.

In the first nine months of the 2023-24 oil year, India imported 15,18,671 tonnes of refined edible oil, a 7 per cent decrease from the 16,40,960 tonnes imported during the same period of preceding oil year. Imports of crude edible oils fell 1 per cent to 1,04,16,556 tonnes from 1,04,81,751 tonnes.

During the first nine months of the 2023-24 oil year, the total palm oil imports decreased by 4 per cent to 68,45,097 tonnes, compared to 71,17,834 tonnes in the year-ago period. In contrast, soft oil (Soybean and Sunflower) imports increased to 50,90,131 tonnes from 50,04,877 tonnes.

Indonesia and Malaysia are the primary suppliers of RBD Palmolein and crude palm oil (CPO) to India. Crude soyabean degummed oil is primarily imported from Argentina and Brazil while crude sunflower oil from Russia, Romania, Ukraine and Argentina.