Mumbai, December 15 (Commodities Control):The Solvent Extractors Association of India released a comprehensive report on the import trends of vegetable oils in the country for November 2023. According to the report, there has been a notable 13% increase in the overall import of vegetable oils compared to the previous month, October 2023.
The data, highlighting the first month of the Oil Year 2023-24, reveals a record import of 1,160,590 tons, a significant rise from the 1,030,204 tons in October 2023 and 1,545,540 tons in November 2022. This surge underscores a growing dependency on imported vegetable oils to meet domestic demands.
A key point of concern raised in the report is the dramatic increase in the import of RBD Palmolien. The figures for November 2023 stand at 171,069 tons, more than tripling from 53,497 tons in the previous month. This spike in imports is attributed to the current effective import duty difference in India - 8.25% between Crude Palm Oil (CPO) at 5.50% and Refined Oil at 13.75%.
The association points out that this discrepancy in import duty is incentivizing the import of refined Palmolien over CPO, which goes against national interests and hampers the domestic refining industry's capacity utilization. The report also notes a decrease in the import of Crude Sunflower Oil to 128,707 tons and an increase in Soybean Oil imports to 149,894 tons.
This trend of importing finished goods like RBD Palmolien is a direct challenge to the Indian government's "Make in India" vision. The association has strongly recommended increasing the duty difference between CPO and RBD Palmolein to 15%. This adjustment, they argue, would not only curb the excessive import of Palmolien but also encourage the import of Crude Palm oil, aligning with the national agenda of self-reliance and boosting local industry and employment.
In conclusion, while the overall imports of vegetable oils into the country remain unaffected, this strategic shift in import duties could significantly benefit the domestic edible oil industry without impacting edible oil inflation. This move would ensure better utilization of domestic refining capacities and align with Prime Minister's vision for a self-reliant India.
(By CommoditiesControl Bureau; +91-9820130172)
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