India’s overall edible oil imports for the nine-month period of November- July 2020 (of the oil year November-October) fell 11 per cent over the same period last year after sharp fall in the imports of refined, bleached and deodorized (RBD) Palmolein.
The latest data compiled by the Solvent Extractors’ Association of India (SEA) shows India’s edible oil imports for the nine month at 9,569,336 tonnes as compared to 10,803,777 tonnes in the same period last year, showing a fall of 11 per cent.
The SEA attributed the fall in overall edible oil imports to a reduction in import of RBD Palmolein by 82 per cent to 380,386 tonnes for the period as against 2,090,381 tonnes in the same duration last year.
India reported zero imports of RBD Palmolein in the month of July 2020, which was 2,64,718 tonnes in the same month last year.
SEA also noted that imports of edible oils showed a revival in July 2020 after a lockdown-induced decline in April-May 2020.
“Import of edible oil in July 2020 showing revival sign as pipeline stock which was reduced in April-May’20, due to lower import is being partially filled up,” B V Mehta, Executive Director, SEA noted.
Based on the available provisional data for import of edible oils for July 2020 reported at 1,517,350 tonnes compared to 1,347,882 tonnes in July 2019 up by 13 per cent, on a YoY basis. “This is the highest import in last eleven month of the oil year 2019-20,” Mehta added.
The stock positions as on August 1, 2020 at various ports shows 7,65,000 tonnes of edible oils including CPO 415,000 tonnes, RBD Palmolein nil, Degummed Soybean Oil 150,000 tonnes and Crude Sunflower Oil 200,000 tonnes and a pipeline of 7,70,000 tonnes. The total stock of edible oils stood at 1,535,000 tonnes higher by 4,55,000 tonnes from 1,080,000 tonnes as on July 1, 2020.
The stock has reduced in the last three months mainly due to lower import of edible oil.