India’s edible oil imports fell 28 percent to 1.2 million tonnes in January.

Decrease in import of edible oil: The country’s edible oil imports fell by 28 percent year-on-year to 1.2 million tonnes in January. The Solvent Extractors Association of India (SEA) gave this information on Monday. Import of edible oil in January 2023 was 16.61 lakh tonnes. India is the largest buyer of vegetable oil in the world. In the first quarter (November-January) of this year, total imports declined by 23 percent to 36.73 lakh tonnes from 47.73 lakh tonnes in the same quarter last year.

Due to these reasons, the imports of cooking oil decreased

The country’s cooking oil imports have declined due to several reasons. Rising international prices of palm oil and expectations of a good mustard crop are some of the major reasons for this. According to SEA, the import of cooking oil in January 2024 was a little over 1.2 million tonnes, which is 28% less than the previous year i.e. January 2023.

Fear of increase in palm oil prices

According to the Solvent Extractors Association of India (SEA), palm oil and 4,08,938 tonnes of soft oil accounted for about 7,82,983 tonnes of the total vegetable oil imported in January this year. Due to the increasing use of palm oil for biodiesel production in Malaysia and Indonesia, their availability has decreased. In such a case, prices may increase this year.

Edible oil stocks also decreased in February.

Total stocks of edible oil on February 1 stood at 26.49 lakh tonnes, down 7.64 per cent from the same period a year ago, the Solvent Extractors Association of India (SEA) said in a statement. Edible oil prices are currently low but may rise this year due to lower production, global economic issues and supply-side constraints, the statement said.

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