Import of edible oils likely to decrease due to better domestic production
07-Nov-2024 05:38 PM
Mumbai. A leading industry body - Solvent Extractors Association of India (C) has said that during the current marketing season (November-October) of 2024-25, import of vegetable oils in India may decline to around 150 lakh tonnes, which is 10 lakh tonnes less than the estimated import of 160 lakh tonnes in the 2023-24 season and 15 lakh tonnes less than the record import of 165 lakh tonnes in the 2022-23 season.
According to the association, due to favorable weather conditions, domestic production of oilseed crops is expected to increase this time, which will lead to better production of edible oils and reduce the need for its import from abroad.
According to the Executive Director of the Association, in view of the excellent condition of crops, the total domestic production of oilseeds is expected to increase by 30 to 40 lakh tonnes during the entire marketing season of 2024-25,
which may leave a surplus stock of about 10 lakh tonnes after meeting the domestic demand. Speaking at the Palm Oil Conference held in Bali, Indonesia, the Executive Director of 'C' said that due to favorable weather and monsoon conditions,
there has been a significant improvement in the yield rate and yield of soybean and groundnut in India during the current year, while mustard production is also likely to increase in the Rabi season.
During the marketing season of 2023-24, palm oil imports in India are expected to decline to 92 lakh tonnes, which is 6 lakh tonnes less than the import of 98 lakh tonnes in the 2022-23 season.
On the other hand, sunflower oil imports are likely to increase from 29 lakh tonnes to 35 lakh tonnes in the same period.
Due to the high price of palm oil, Indian importers emphasized on increasing the import of sunflower oil. Palm oil accounts for about 60 percent of India's total import of edible oils.
During the current year, the benchmark price of palm oil in Malaysia rose by about 30 percent, which reduced the interest of Indian importers in buying it.
India's palm oil imports increased by 59 percent during October as compared to September, as there was strong festive demand.