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India's vegetable oil imports dropped by 28%, in January
The Business Guardian
|February 13, 2024
India's vegetable oil imports witnessed a significant decline of 28% in January, totaling 12 lakh tonnes compared to 16.61 lakh tonnes during the same period last year, as reported by the Solvent Extractors Association of India (SEA). imports witnessed a significant decline of 28% in January, totaling 12 lakh tonnes compared to 16.61 lakh tonnes during the same period last year, as reported by the Solvent Extractors Association of India (SEA).
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The country, known as a leading buyer of vegetable oil globally, experienced a drop in imports amidst ongoing global economic challenges and supply constraints.
During the first quarter of the current oil year (November-January), total vegetable oil imports registered a notable decrease of 23%, amounting to 36.73 lakh tonnes, in contrast to 47.73 lakh tonnes recorded in the corresponding quarter of the previous year.
Of the total vegetable oils imported in January, approximately 7,82,983 tonnes consisted of palm oil, while 4,08,938 tonnes comprised soft oil, according to SEA's statement.
The association highlighted that as of February 1, the total stock of edible oils in India stood at 26.49 lakh tonnes, marking a decrease of 7.64% compared to the same period last year.
This story is from the February 13, 2024 edition of The Business Guardian.
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