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Business News/ News / India/  India registers over 34% YoY growth in edible oil imports to 1.57 lakh cr in 2021-22 season
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India registers over 34% YoY growth in edible oil imports to ₹1.57 lakh cr in 2021-22 season

In the oil year from 2020-21 (November - October), India's edible oil imports came in at ₹1.17 lakh crore in value terms, while standing at around 131.3 lakh tonnes in volumes.

The start of 2022-23 season began with an opening stock of 24.55 lakh tonnes of edible oils in India as of November 1. Premium
The start of 2022-23 season began with an opening stock of 24.55 lakh tonnes of edible oils in India as of November 1.

India registered a growth of 34.18% in its edible oil import bill to 1.57 lakh crore during the oil year ending October 31, 2022. Further, in terms of volumes, the country garnered a rise of 6.85% to 140.3 lakh tonnes. In the oil year from 2020-21 (November - October), India's edible oil imports came in at 1.17 lakh crore in value terms, while standing at around 131.3 lakh tonnes in volumes. 

The start of 2022-23 season began with an opening stock of 24.55 lakh tonnes of edible oils in India as of November 1. 

As per the Solvent Extractors Association of India (SEA), in 2021-22 year, the country's imports picked up gradually in the first two quarters, however, slowed down in the third quarter but gained traction in the fourth quarter.

SEA highlighted that the fourth quarter witnessed an upside due to the lifting of the ban on palm oil by Indonesia and a steep downturn in international prices -- which bolstered buying from India.

As per the PTI report, SEA mentioned that high volatility in palm oil prices this year affected India's palm oil buying.

The report also cited SEA that in March-April for a brief period, palm oil was as expensive as soft oils. Its availability was further affected in May-June by Indonesia's decision to ban exports. As expected, India's palm oil buying plunged and the import of soft oil rose. Thereby, there was a drop in palm oil import at 79.15 lakh tonnes during the 2021-22 oil year --- as against 83.21 lakh tonnes in the previous year, on the other hand, soft oil imports increased to 61.15 lakh tonnes this year --- compared to 48.12 lakh tonnes in the previous year.

On segment-wise performance, SEA data revealed that the import of RBD palmolein saw a more than 2-fold rise to 18.41 lakh tonnes in 2021-22 --- from 6.86 lakh tonnes in the previous year. However, crude palm oil (CPO) imports came in at around 59.94 lakh tonnes -- declining by 20% yoy, whereas crude palm kernel oil (CPKO) imports also plunged to 80,000 tonnes in the 2021-22 year compared to the previous 1.43 lakh tonnes in 2020-21 period.

In regards to soft oils, the data showed that soyabean oil imports jumped sharply to 41.71 lakh tonnes this year from 28.66 lakh tonnes in 2020-21, while sunflower oil imports rose gradually to 19.44 lakh tonnes compared to 18.94 lakh tonnes in the year 2020-21.

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Published: 14 Nov 2022, 08:01 PM IST
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