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Vegetable oil imports flat in June despite tariff cut boost to crude oils
The rise in crude oil shipments came after the government reduced the Basic Customs Duty (BCD) on crude edible oils, including crude palm oil, crude soybean oil, and crude sunflower oil, to 10 per cent from 20 per cent, effective May 31.
Total vegetable oils, comprising both edible and non-edible oils, stood at 1.55 million tonnes in June 2024.
In the edible oil category, barring crude sunflower oils, imports of other crude edible oil variants rose 25.64 per cent to 1.15 million tonnes in June from 916,000 tonnes a year earlier.
However, crude sunflower oil shipments declined 53.58 per cent to 261,000 tonnes in June from the year-ago period.
According to SEA data, crude palm oil (CPO) imports rose 23.55 per cent to 788,000 tonnes in June from 637,000 tonnes a year earlier, while crude soybean oil imports increased 30.39 per cent to 359,000 tonnes from 275,000 tonnes.
Crude Palm Kernel Oil (CPKO) imports rose 33.33 per cent to 4,000 tonnes in June from 3,000 tonnes in the year-ago period.
Total imports of crude edible oils (CPO, CPKO, crude sunflower and crude soybean oils) stood at 1.15 million tonnes in June.
Among refined edible oils, RBD palmolein imports rose to 163,000 tonnes in June against 1.45 lakh tonnes a year earlier.
Non-edible oil imports fell to 18,497 tonnes in June from 23,178 tonnes in June 2024.
SEA said agencies, including NAFED, HAFED and NCDEX, are currently holding approximately 1.4 million tonnes of soybean and a similar quantity of rapeseed. "In view of the rising prices of edible oils, the Government of India may consider releasing a substantial quantity of these stocks into the market over the next three months, ahead of the upcoming harvest," SEA said.
With the kharif soybean crop harvest expected in just two and a half months, early liquidation of these stocks will help stabilise prices during the festive season, the industry body added.
"Timely action will not only benefit consumers but also ease the financial and logistical burden on government agencies, while supporting overall domestic availability of edible oils," SEA said.
India, the world's largest edible oil consumer and importer, had edible oil stocks of 1.56 million tonnes as of July.
In the first eight months of the oil year 2024-25 (November 2024-June 2025), total vegetable oil imports reached 9.43 million tonnes, down 8 per cent from 10.22 million tonnes in the same period last year.
Indonesia and Malaysia are the major palm oil suppliers to India, while Argentina, Brazil and Russia supply soybean oil. Russia and Ukraine are the main suppliers of sunflower oil.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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