India's edible oil imports rise 22 % year-on-year in December 2022

New Delhi: India imported 1.55 mln tonnes of edible oils in the month of December, a 22 per cent increase on a yearly basis, data from the Solvent Extractors` Association of India showed.Overall, the import of vegetable oils, including edible oils, during December 2022 is reported at 1.56 million tonnes compared to 1.22 million tonnes in the same month of 2021, which is an increase of about 28 per cent.

The overall import of vegetable oils during the first two months of oil marketing year 2022-23 (November-December) is reported at 3.1 million tonnes compared to 2.4 million tonne during the same period of last year, up by 30 per cent, data showed.

India is the world`s second-largest consumer and number one vegetable oil importer, and it meets around 60 per cent of its need through imports. Self-reliance or `Atma Nirbharta` in edible oils is the need of the hour for India and it is in the public interest for the welfare of farmers and consumers.

"During November to December 2022, palm oil import sharply increased to 2,250,924 tons from 1,105,582 tons, while soft oil import has decreased to 833,616 tons from 1,250,104 tons in Nov-Dec, 2021 mainly due to a larger spread between palm oil and soft oil, encouraged larger import of palm products," SEA said.

The share of palm oil increased to 73 per cent from 47 per cent while the soft oils decreased to 27 per cent from 53 per cent.Meanwhile, the total stocks of edible oils as on January 1, 2023, at various ports was estimated at 892,000 tonnes (crude palm oil 497,000 tonnes, RBD Palmolein 195,000 tonne, degummed soybean oil 1,00,000 tonne and crude sunflower oil 100,000 tonnes, with another pipeline stock of 2.3 million tonnes, SEA data showed.