Import of edible oils likely to decline by 17 percent in August as compared to July

05-Sep-2024 06:39 PM

Mumbai. Top analysts of the industry and trade sector have said that due to high and strong international market prices and good stock in the domestic sector,

import of palm oil and sunflower oil declined during August 2024, while import of soybean oil increased slightly.

In fact, in July 2024, the import of edible oils had jumped rapidly to a very high level, so the import was already being estimated to decline in August. Imports may increase slightly due to festive demand in September-October.

Leading analysts of the vegetable oil industry and trade sector have estimated the total import of edible oils in August to be around 15.30 lakh tonnes, which is about 17 percent less than the import of July.

According to analysts, during the period under review, the import of palm oil is likely to fall by 27 percent to 7.91 lakh tonnes and the import of sunflower oil is likely to fall by 21 percent to 2.88 lakh tonnes, while the import of soybean oil is expected to rise by 16 percent to 4.56 lakh tonnes.

The central government is considering increasing the import duty on edible oils so that the oilseed producers can get some relief.

It is worth noting that although a decline in the import of edible oils has been estimated in August, the probable figure given by the critics is more than the average monthly import.

Due to the continued import of cheap foreign edible oil in huge quantities, the price of soybean in the domestic market has fallen to a great extent below the minimum support price,

whereas its new crop is going to be ready and arrive in the markets in the next few weeks. The actual import of edible oils will be known when the new monthly report of Solvent Extractors Association of India (SIA) will come out around mid-September.