Sunflower, soyabean oil imports up in May

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India’s imports of edible oil increased by 3.09 percent in May compared to April due to higher imports of soybean oil and sunflower oil.

India imported 10.53 thousand tons (litres) of Edible oil in May compared to 10.21 liters in April.

Also read: Reducing import duties on refined sunflower and soybean oil to 12.5 percent

PV Mehta, executive director of the Solvent Extractors Association (SEA) of India, said imports of soybean oil and sunflower oil increased by 21.5 percent and 18.5 percent respectively in May compared to April. However, palm oil imports decreased by 13.9 percent in the month.

Soybean oil imports were at 3.18 liters in May (2.62 liters in April), sunflower oil at 2.95 liters (2.49 liters) and palm oil at 4.39 liters (5.10 liters). He said shipments of sunflower and soybean oils increased sharply in April and May.

Edible oil imports amounted to 90.55 liters during the first seven months of 2022-23 (November-October) compared to 75.48 liters in the corresponding period of 2021-2022, registering a growth of 19.96%.

Of this, imports of palm oil products (including RBD palm oil and crude palm oil) rose to 53.48 liters during the November-May period, compared to 37.39 liters in the same period a year earlier for oil, recording a growth of 43.01 percent. Mehta said the import of palm products increased sharply due to price parity.

During the first seven months of the 2022-23 oil year, imports of soybean oil decreased to 20.44 liters (25.79 L), and sunflower oil increased to 16.62 liters (12.28 L).

major exporters

Indonesia and Malaysia are major suppliers of RBD palm oil and crude palm oil (CPO) to India. During the November-May period of the 2022-23 oil year, Indonesia supplied 17.99 liters of CPO and 9.35 liters of RBD palmolein, followed by Malaysia with 14.62 liters of CPO and 2.23 liters of RBD palm, and Thailand with 6.61 liters of CPO and 11.499 tons of RBD. Palmolin.

During this period, India imported 11.51 liters of de-soy crude soybean oil from Argentina, followed by 8.07 liters from Brazil. And 4.44 liters of crude sunflower oil from Russia, 3.91 liters from Ukraine, and 1.93 liters from Argentina.

As of June 1, edible oil stocks at ports were estimated at 7.38 liters and pipeline stocks at 22.03 litres. Total inventories decreased to 29.41 liters on 1st June compared to 32.45 liters as on 1st May. Mehta attributed the drop in inventories to lower imports in May.