Edible Oil Import Reduced: The country's edible oil import has declined by 28 percent on annual basis in January to 12 lakh tonnes. Solvent Extractors Association of India (SEA) gave this information on Monday. The import of vegetable oil in January 2023 was 16.61 lakh tonnes. India is a major buyer of vegetable oil in the world. In the first quarter (November-January) of the current oil year, the total import declined by 23 percent to 36.73 lakh tonnes, which was 47.73 lakh tonnes in the same quarter of the previous year.
Reduction in cooking oil imports due to these reasons
The country's cooking oil imports have been reduced due to several reasons. The increase in international prices of palm oil and the expectation of a good harvest of mustard crop are some of the major reasons. According to SEA, the import of cooking oil in January 2024 has been a little more than 12 lakh tonnes, which is 28 percent less as compared to last year i.e. January 2023.
Fear of increase in palm oil prices
According to Solvent Extractors Association of India (SEA), out of the total vegetable oils imported in January this year, about 7,82,983 tonnes were palm oil and 4,08,938 tonnes were soft oils. Due to the increasing use of palm oil to prepare bio-diesel in Malaysia and Indonesia, their availability has reduced. In such a situation, prices may increase this year.
Edible oil stock also decreased in February
Solvent Extractors Association of India (SEA) said in a statement that the total edible oils stock as on February 1 was 26.49 lakh tonnes, which is 7.64 per cent less than the same period a year ago. The statement said that the prices of edible oils are currently low, but they may increase this year due to low production, global economic issues and supply side constraints.
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