Import of edible oils expected to jump to 19.20 lakh tonnes in July

25-Jul-2024 03:34 PM

Mumbai. Although the data of Solvent Extractors Association of India (SIA) is expected to come out around mid-August, but before that,

the estimates expressed by the industry and trade sector analysts show that the total import of edible oils will jump to an all-time high of 19.20 lakh tonnes during July 2024, which is about 26 percent more than the imports of June. 

According to industry analysts, during the month of July, palm oil imports are expected to reach 11.40 lakh tonnes with a tremendous increase of 45 percent compared to June, which is the highest level in the last 20 months.

Similarly, imports of soybean oil are also expected to increase by 45 percent to 4 lakh tonnes, which will be the highest level in the last 13 months.

But during this period, the import of sunflower oil is expected to decline by 18 percent to 3.80 lakh tonnes. In fact, its record import was done in June 2024. 

It is noteworthy that during November 2023 to June 2024, an average monthly import of about 12 lakh tonnes of edible oil was done in India, but in July, there are indications of a strong increase in imports due to two-three reasons.

When the price of palm oil came down in May-June, Indian importers had contracted import of huge quantities of it for July shipment.

Importers were also afraid of increase in import duty on edible oils in the general budget. Apart from this, some consignments of edible oils scheduled for the month of June could reach Indian ports only in July.