Business News Desk: Due to decline in the import of crude and refined palm oil, there has been a decline of 29 percent in the total edible oil import in September. According to data released by industry organization Solvent Extractors Association (SEA) on Friday, the total edible oil import last month was 10,64,499 tonnes as against 14,94,086 tonnes in the same period last year. According to SEA data, September Non-edible oil import in India stood at 22,990 tonnes as against 57,940 tonnes in the same month last year. Vegetable oil import last month was 10,87,489 tonnes. This is 30 percent less than 15,52,026 tonnes in the same period last year. In the edible oil category, the import of crude palm oil has declined to 4,32,510 tonnes last month. It was 7,05,643 tonnes in the same month last year. Similarly, the import of refined palm oil has declined to 84,279 tonnes from 1,28,954 tonnes in September 2023. Import of crude sunflower oil has declined to 1,52,803 tonnes which was 3,00,732 tonnes in September last year.
SEA attributed this decline to higher imports and weak demand during July-August. Due to this the stock at the ports has increased. Additionally, importers are also exercising caution due to price volatility. Total vegetable oil imports declined by six per cent to 1,47,75,000 tonnes in the first 11 months of the current marketing year ending in October from 1,56,73,102 tonnes in the same period last year.
Import duty was increased in September
Last month, the central government had increased the duty on import of crude palm oil and refined sunflower oil to 20 and 32.5 percent respectively. The basic customs duty on crude palm oil, soybean and sunflower oil was increased from zero to 20 percent. Similarly, customs duty on refined palm, soybean and sunflower oil was increased from 12.5 percent to 32.5 percent. After this increase, the effective import duty will be 27.5 percent and 35.75 percent respectively. Due to increase in import duty, there was a big jump in the prices of edible oils before the beginning of the festive season. The government had also expressed displeasure on this. He had instructed the oil companies not to increase the prices of oils as long as they have old stock.
