Mumbai, September 14 (Commodities Control):In a recent update from the Solvent Extractors' Association (SEA), there has been a significant spike in the import of vegetable oils in India. The data for August 2023 paints a compelling picture for the nation's oil market.
For the month of August 2023, the import figures stood at a substantial 1,866,123 tons. This represents a substantial 33% increase when compared to the numbers from August 2022, which reported imports of 1,401,233 tons. Breaking down the numbers, this comprises 1,852,115 tons of edible oils and a smaller fraction of 14,008 tons of non-edible oils.
But it's not just a monthly surge; the broader trend exhibits a similar pattern. Between November 2022 to August 2023, the cumulative imports reached an impressive 14,121,076 tons. This is a 24% hike when compared against the 11,376,226 tons imported during the corresponding period of the preceding year.
A noticeable trend highlighted by the SEA report is the surge of palm oil, which has seemingly flooded the Indian market. With the total edible oil imports for the first ten months already standing at 141.21 lakh tons, market observers predict that the figures could escalate further. By the end of the current oil year in October 2023, the imports could touch a record-breaking range of 160 to 165 lakh tons.
To put this in perspective, India's previous peak in vegetable oil imports was in the year 2016-17, where the figures touched 151 lakh tons. The current trajectory clearly indicates a potential surpassing of that previous high.
(By CommoditiesControl Bureau; +91-9820130172)
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