Sunflower oil imports likely to increase in May after decline in April

28-May-2024 12:06 PM

Mumbai. The CEO of a leading trading firm says that the import of sunflower oil decreased in April but it can be compensated in the current month (May). In fact, last month sunflower oil was the most expensive edible oil due to which its imports were affected.

According to the CEO, about 2.35 lakh tonnes of sunflower oil was imported within the country in April, while its import is likely to increase to around 3.50 lakh tonnes in May.

Import of palm oil and soybean oil had increased in April, but import of sunflower oil decreased because exports from Russia decreased and the price was also somewhat high.

It is noteworthy that from December 2023 to March 2024, sunflower oil was available at the cheapest price.

According to the CEO, the consignments which the Indian importers had contracted for the shipment in the coming months when the prices were going down, are now reaching the Indian ports.

According to the Solvent Extractors Association of India (CIA), about 4.46 lakh tonnes of sunflower oil was imported in March, which was the highest import since November.

According to the CEO, the main season of sunflower oil is from September 15 to May 15, while May 16 to September 14 is considered its off season. 

According to the CCO, the gross import of edible oils in the country increased rapidly to an all-time high of 165 lakh tonnes during the entire marketing season (November-October) of 2022-23, while it declined slightly to 160 lakh tonnes in the current marketing season of 2023-24. It is likely to remain around a tonne.

He said that the government should lift the ban on futures trading in edible oils. Apart from this, there is also a need to increase the import duty on edible oils.