Vegetable oil imports rose 13 per cent in March to over 11 lakh tonnes on higher shipments of edible oil, according to industry data. Import of vegetable oils (comprising edible oil and non-edible oil) in March 2022 stood at 11,04,570 tonnes as compared to 9,80,243 tonnes in March 2021, the Solvent Extractors’ Association of India, said.
While edible oil imports increased to 10,51,698 tonnes in March 2022 from 9,57,633 tonnes in the year-ago period, the imports of non-edible oil rose to 52,872 tonnes from 22,610 tonnes during the period under review.
The overall import of vegetable oils during first five months of oil year 2021-22, November 2021-March 2022, reported at 57,95,728 tonnes compared to 53,75,003 tonnes during the same period of last year.
During the first five months of 2021-22 oil year, the import of refined edible oil jumped sharply to 7,71,268 tonnes from 24,101 tonnes in the corresponding period of the previous year. The imports of crude edible oil fell to 48,71,650 tonnes from 52,16,225 tonnes.
“During November 2021-March 2022, palm oil import has decreased to 26,53,253 tonnes from 30,90,559 tonnes in November 2020-March 2021, while soft oil import has increased to 29,89,665 tonnes from 21,49,767 tonnes in November 2020-March 2021, mainly due to higher import of soybean oil,” SEA said.
The association said during the last month, 2,12,000 tonnes of sunflower oil arrived as vessels, which left before conflict between Russia and Ukraine arrived in India. The imports came mainly from Ukraine (1,27,000 tonnes), Russia (73,500 tonnes) and Argentina (11,900 tonnes).
“However in April ’22 as no shipment from Ukraine took place, sunflower oil import may fall to nearly 80,000 tonnes, mainly arriving from Russia and Argentina only,” it said.
High prices of sunflower oil in international market at USD 2,200 per tonne and lesser availability has resulted in lower demand and consumption of sunflower oil.
“This shortfall partially being replaced by other edible oils like palmolein, soybean oil, groundnut oil in South India and by refined mustard oil and ricebran oil in North India. Also during the last one month, prices of soya oil, sunflower oil, palm oil and other edible oil declined providing some relief to consumer,” SEA said.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
