Taking advantage of low prices, India imported a record 4,45,723 tonnes of crude sunflower oil in March. The country’s total edible oil import reached 11.49 lakh tonnes during the month. Industry body SEA gave this information on Thursday. Crude sunflower oil import stood at 1,48,145 lakh tonnes in March, 2023, while the total edible oil import a year ago was 11.35 lakh tonnes. India is the world’s largest edible oil consumer and importer. Demand for soft oils – sunflower and soybean oil – has increased in the past two months as global palm oil prices have risen. Latest data released by the Solvent Extractors Association of India (SEA) said India imported record amounts of sunflower oil in the last two months, with monthly highs of 2,97,000 tonnes in February and 4,46,000 tonnes in March. Edible oil was obtained in quantity.
Import of crude palm oil decreased in March
Import of crude soybean oil has increased to 2,18,604 tonnes compared to last month, but was less than 2,58,925 tonnes in March 2023. Among palm oils, crude palm oil (CPO) imports declined to 3.81 lakh tonnes in March this year from 5.51 lakh tonnes in the year-ago period, while RBD palmolein imports also declined to 93,799 tonnes from 1.69 lakh tonnes. However, SEA data showed that crude palm kernel oil imports rose to 10,499 tonnes in March this year from 8,006 tonnes in the same period a year ago.
Palm oil $70 per tonne more expensive than sunflower oil
According to the Solvent Extractors Association of India, palm oil has become $70 per tonne more expensive than sunflower oil in the global market. It said global palm oil prices strengthened due to tight supplies due to lower production and stocks in Indonesia and Malaysia. It said the price of palm oil for import into India on April 5 was quoted at $1,045 per tonne, while crude sunflower oil was cheaper and available at $975 per tonne and soybean oil at $1,025 per tonne.
As of April 1, the stock of edible oil in ports and pipelines was 23.15 lakh tonnes. India mainly imports palm oil from Indonesia and Malaysia, crude sunflower oil from Romania, Russia, Argentina and Ukraine and soybean oil from Argentina and Brazil.
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