India’s import of edible oils experienced a significant boost in May 2023, recording a 4.75 percent year-on-year increase, according to data released by the Solvent Extractors Association (SEA). The rise in imports can be attributed primarily to the heightened demand for Crude Degum Soya oil. The country imported 10.53 lakh tons (1.053 million tons) of edible oil in May 2023, surpassing the 10.06 lakh tons (1.006 million tons) imported during the same month in 2022.
The monthly comparison also indicated a positive trend, as edible oil imports rose by 3.1 percent compared to April 2023. In April, India imported 10.22 lakh tons (1.022 million tons) of edible oil, and this increase demonstrates a continued upward trajectory in the country’s appetite for edible oil.
Analyzing the data for the oil year 2022-23, spanning from November 2022 to May 2023, it is evident that imports of edible oil reached 90.5 lakh tons (9.05 million tons). This figure represents a substantial 19.96 percent increase compared to the corresponding period in the previous oil year (2021-22), where imports stood at 75.48 lakh tons (7.548 million tons).
The surge in edible oil imports during the 2022-23 oil year can be attributed to the remarkable rise in refined Sunflower oil and RBD Palm olein imports. These factors have contributed significantly to meeting the growing demand for edible oils in the Indian market.
India’s dependency on imported edible oils has been increasing steadily in recent years due to various factors, including population growth, changing dietary habits, and limited domestic production. To address this demand, the country has been relying on imports to bridge the supply gap.
The Solvent Extractors Association (SEA) data sheds light on the ongoing dynamics within India’s edible oil sector, emphasizing the need for robust supply chains and efficient management to ensure a steady inflow of edible oils into the country.
It is worth noting that the information presented is based on the available data and the statement released by the Solvent Extractors Association (SEA). For the most accurate and up-to-date information on India’s edible oil imports, it is advisable to refer to official sources such as the SEA or other reliable industry reports.
As India continues to navigate the complexities of the edible oil market, stakeholders will closely monitor these developments to anticipate potential impacts on domestic prices, consumer preferences, and overall industry growth in the coming months.