Edible oil imports jump 34 pc to 15.29 lakh tonne in November

According to data released on Wednesday, imports of vegetable oils jumped 32 percent in November 2022 to 15,45,540 tonnes as compared to 11,73,747 tonne in the same month the previous year.

Import of edible oils increased to 15,28,760 tonne in November this year from 11,38,823 tonne in the same month of 2021.

Shipments of non-edible oil slumped 52 percent in November 2022 to 16,780 tonne from 34,924 tonne in the same period last year.

The data released showed that the imports of crude palm oil (CPO) were highest in a single month.

In November 2022, India imported a record 9,31,180 tonne of CPO. This was 4,77,160 tonne in the year-ago period.

Sunflower oil imports also increased to 1,57,709 tonnes from 1,25,024 tonnes.

Further, crude soyabean oil shipments declined to 2,29,373 tonne last month from 4,74,160 tonne in November 2021.

Notably, the import of RBD (refined) palmolein leaped to 2,02,248 tonne in November from 58,267 tonne in the same month last year.

SEA noted that the high jump in the import of RBD (refined) palmolein is adversely affecting the domestic refiners and consequently seriously affecting the capacity utilisation of the domestic palm refining industry

The association has demanded a raise in the import duty on RBD palmolein from 12.5 percent to 20 percent. The import duty on CPO is 5 percent.

The hike would create a difference of 15 percent between the import duties of CPO and RBD, which is currently only 7.5 percent.

The increase in the import duty of RBD and a bigger difference with CPO would discourage import of refined palmolein into our country as opposed to CPO, the association underlined.