New Delhi, October 13, 2023 - The latest data from the Solvent Extractors' Association of India (SEA) reveals a nuanced picture of India's vegetable oil imports for September 2023. While the numbers indicate a moderate 5% decline in imports compared to the same month in 2022, the broader context suggests an overall positive trend for the year.
In September 2023, India imported a total of 1,552,026 tons of vegetable oils, down from 1,637,239 tons in September 2022. This dip is primarily due to a decrease in edible oil imports, which stood at 1,494,086 tons, while non-edible oil imports remained steady at 57,940 tons. It's important to note that the decline in vegetable oil imports for September could be influenced by various factors, including market dynamics and seasonal variations.
In contrast, the cumulative data for the first eleven months of the oil year 2022-23, spanning from November 2022 to September 2023, shows a robust performance. India imported a total of 15,673,102 tons of vegetable oils during this period, marking a significant 20% increase compared to the same period in the previous year when imports were recorded at 13,013,465 tons.
One noteworthy highlight is the import of edible oils, which reached an impressive 154.69 lakh tons in the first eleven months of the current oil year. This performance has led industry experts to anticipate a potential record-breaking import of over 165 to 170 lakh tons of edible oils by the end of the current oil year in October 2023. To put this in context, the highest import of vegetable oils in India prior to this potential record was 151 lakh tons in 2016-17.
The surge in vegetable oil imports underscores India's consistent demand for these essential commodities, driven by factors such as population growth, evolving dietary preferences, and diverse industrial applications.
(By Commoditiescontrol Bureau; +91-9820130172)
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