Edible Oil Price: Recent numbers show a lack of demand for edible oil imports. Edible oil import ratio fell significantly compared to last season numbers. SEA released import figures of vegetable oils. As the market is in a declining phase, traders are avoiding ordering new stock.
Edible oil imports
India’s edible oil imports fell 29 per cent year-on-year to 10,64,499 tonnes in September. The decline in edible oil imports is due to lower imports of crude and refined palm oil. The figures related to this were released on Friday. In the same month last year, the import of edible oils was 14,94,086 tonnes.
SEA released import figures of vegetable oils
The Solvent Extractors’ Association of India (SEA) on Friday released import figures of vegetable oils (both edible and non-edible) for September. Imports of non-edible oil declined to 22,990 tonne in September from 57,940 tonne on an annual basis. As per the data, import of vegetable oils declined by 30 per cent to 10,87,489 tonne in September compared to 15,52,026 tonne in the year-ago month.
Import of crude palm oil decline
The SEA data showed that the import of crude palm oil in the edible oil category declined to 4,32,510 tonnes in September this year from 7,05,643 tonnes in the same month last year. On the other hand, import of refined palm oil declined to 84,279 tonne from 1,28,954 tonne. Crude sunflower oil imports also declined to 1,52,803 tonne from 3,00,732 tonne in the said period.
Traders avoiding ordering new stock
SEA attributed the decline in imports to more imports and decrease in demand during July-August. In such a situation, the stock at the ports increased. Moreover, importers have become cautious due to price fluctuations. Experts say that since demand has decreased, traders are avoiding ordering new stock. Due to decreasing imports and increased demand during festivals, there is little hope of relief in prices at the moment.