News Karnataka
Thursday, February 09 2023
Business News

India’s Nov-March edible oil imports up 8% YoY

edible oil
Photo Credit : IANS

New Delhi: India’s total edible oil imports during November to March were at 5.64 million tonne, up nearly 8 per cent from the same period of 2020-21, according to the data compiled by the vegetable oil industry body The Solvent Extractors’ Association of India.

Notably, the marketing year for edible oil starts in November.

In the month of March, the edible oil imports rose nearly 10 per cent year-on-year to 1.05 million tonnes, the SEA data showed. In March 2021, it was at 9,57,633 tonne.

In March, 212,000 tonnes of sunflower oil arrived in India as those vessels had left before conflict between Russia and Ukraine started. Ukraine and Russia are two major suppliers of sunflower oil to India.

Of the 212,000 tonnes sunflower imports, 11,900 tonnes were sourced from another supplier Argentina.

However, in April, no shipments from Ukraine took place so far and because of this sunflower oil imports may fall to nearly 80,000 tons, SEA said in a statement.

The statement added that high prices of sunflower oil in the international market and lesser availability weighed on the demand and consumption of sunflower oil.

“This shortfall is partially being replaced by other edible oils like palmolein, soybean oil, groundnut oil in South India and by refined mustard oil and rice bran oil in North India.”

Also, a slight decline in prices of soya oil, sunflower oil, palm oil and other edible oils during the past month provided some relief to the consumers, it said.

 

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