Categories: Business

edible oil import in may lowest since 2011

Photo: FILE

edible oil import at record low

new Delhi. India's edible oil imports declined by 40 percent to 7.07 lakh tonnes in May, the lowest level since 2011. The main reason for the decline was the sluggish demand from bulk users such as hotels and restaurants. The Solvent Extractors Association of India (SEA), a leading organization of oil traders, gave this information on Thursday. India is the major buyer of vegetable oils in the world. In May 2019, the country imported 11.80 lakh tonnes of edible oil. Edible oil imports have been declining since the March 25 nationwide lockdown to prevent the spread of the corona virus epidemic. A nationwide lockdown with conditional reliefs will continue until the end of June.

"It is the lowest import in May since 2011," the Mumbai-based SEA said in a statement. The main reason for the decrease in imports in April and May was the ban on hotels, restaurants and canteens and public functions during the lockdown period. Palm oil imports, which accounted for more than 60 per cent of the total imports, declined by 52.69 per cent to 3.87 lakh tonnes in May this year from 8.18 lakh tonnes in the same month a year ago. In palm oil, imports of RBD palmolein declined to 16,250 tonnes in May this year from 3.71 lakh tonnes in May last year. SEA said that the import of this oil has been declining since the January 8 RBD palmolein was put in the restricted trade category in the current year. Imports of crude palm oil and crude palm kernel oil declined by 17 percent to 3.70 lakh tonnes in May this year from 4.47 lakh tonnes earlier.

SEA said, "The decline in imports of palm products has directly increased the import of light oils such as soybean and sunflower. This is due to the increase of seven per cent and 11 per cent, respectively, during the November-May period of the current oil year." It is clear. The credit for this goes to the increase in domestic demand of consumers. In the month of May of the current year, the import of sunflower oil increased by two per cent to 1.33 lakh tonne from 1.30 lakh tonne in May 2019. However, soybean oil during the said period Imports declined by nine per cent to 1.87 lakh tonnes from 2.32 lakh tonnes earlier. During the November-May period of the oil year 2019-20, total edible oil imports also declined by 18 per cent to 68.89 lakh tonnes from 83.84 lakh tonnes earlier. This was mainly due to a 76 percent drop in imports of RBM palmolein. The oil year is from November to the next October. India mainly imports palm oil from Indonesia and Malaysia. While soybean oil from Argentina including Imports small amounts of crude oil while sunflower oil is imported from Ukraine and Russia.

This post was published on June 4, 2020 10:08 pm

Content Team

Recent Posts

Ban on gaming apps hopes for opportunity for domestic sector

Photo: MEDIATEK online gaming new Delhi. The government has banned 118 apps keeping in mind the security of the country.…

India august gold imports double to hit 8 months peak says source

Photo: TIMESOFINDIA gold import at 8 months high new Delhi. The economy is now looking forward to a gradual recovery.…

Coal India Q1 profit plunges 55 percent YoY

Photo: GOOGLE Coal India Q1 result new Delhi. Coal India's profit fell 55 per cent in the first quarter to…