Import of palm oil and sunflower oil decreased in August but import of soybean oil increased
13-Sep-2024 03:08 PM
Mumbai. The new monthly report of Solvent Extractors Association of India (SIA), a leading organization of the indigenous vegetable oil industry and trade sector,
shows that during August 2024, compared to July, the import of palm oil and sunflower oil in the country declined by 26 percent and 22.5 percent respectively, while the import of soybean oil increased by 16 percent.
According to the report of 'SIA', in August 2024, a total of 15.30 lakh tonnes of edible oils including about 7.98 lakh tonnes of palm oil, 4.55 lakh tonnes of soybean oil and 2.84 lakh tonnes of sunflower oil were imported inside the country,
which was 17 percent less than the import of July. According to trade analysts, due to the cost of palm oil as compared to soybean oil,
the inclination of Indian refiners increased towards the purchase of soybean oil. Anyway, there was a huge import of palm oil in July, whose huge stock was present in August. Despite this, about 8 lakh tons of palm oil was imported in August in view of the demand of the festive season.
According to the association, the price of palm oil is usually 100-150 dollars per ton lower than soft edible oils like soya oil and sunflower oil, but at present the price of crude palm oil is about 40 dollars per ton higher than the price of soya oil for September delivery.
Despite the decrease in imports in August, the total stock of edible oils at the ports of the country and in the pipeline increased to 29.30 lakh tons on September 1, which was the highest level in the last nine months.
According to a leading industry analyst, like August, the import of edible oils is likely to be less in September as well because the purchase of soyabean oil and sunflower oil has decreased. On the other hand, the import of palm oil may increase slightly and reach above 8 lakh tons.
It is noteworthy that India imports palm oil mainly from Indonesia, Malaysia and Thailand, soybean oil from Argentina and Brazil and sunflower oil from Russia, Romania, Argentina and Ukraine.