NEW DELHI: India imported a record 4,45,723 tonnes of crude sunflower oil in March, taking advantage of low prices, while the country's total edible oil imports reached 11.49 lakh tonnes in the month, industry body SEA said 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 consumer and importer of edible oils. With global palm oil prices rising, demand for soft oils – sunflower and soybean oils – has surged in the past two months.
Releasing the latest data, Solvent Extractors Association of India (SEA) said, "India imported a record quantity of sunflower oil in the last two months at 2,97,000 tonnes in February and the highest monthly quantity of 4,46,000 tonnes in March." .,
Crude soybean oil imports have increased to 2,18,604 tonnes compared to previous months, but remained lower 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 RB palmolean shipments also fell 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 year-ago period.
According to SEA, palm oil has become US$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 shipment to India on April 5 was quoted at US$1,045 a tonne, while crude sunflower oil was cheaper and available at US$975 a tonne, while soybean oil was quoted at US$1,025 a tonne. Was available on.
As of April 1, the stock of edible oil at 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.
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 consumer and importer of edible oils. With global palm oil prices rising, demand for soft oils – sunflower and soybean oils – has surged in the past two months.
Releasing the latest data, Solvent Extractors Association of India (SEA) said, "India imported a record quantity of sunflower oil in the last two months at 2,97,000 tonnes in February and the highest monthly quantity of 4,46,000 tonnes in March." .,
Crude soybean oil imports have increased to 2,18,604 tonnes compared to previous months, but remained lower 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 RB palmolean shipments also fell 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 year-ago period.
According to SEA, palm oil has become US$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 shipment to India on April 5 was quoted at US$1,045 a tonne, while crude sunflower oil was cheaper and available at US$975 a tonne, while soybean oil was quoted at US$1,025 a tonne. Was available on.
As of April 1, the stock of edible oil at 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.
