COMMODITY
India’s import of sunflower oil reports 3- fold jump in March 2024
Apr-12-2024

India has imported 4,45,723 tonnes of crude sunflower oil in March 2024 as compared to 1,48,145 tonnes in March 2023, i.e. reporting 3- fold jump. The country's total edible oil imports reached 11,49,681 tonnes in March 2024 as compared to 11,35,600 tonnes a year ago. 

India is the world's largest consumer and importer of edible oils. With the rise in global prices of palm oil, the demand for soft oils -- sunflower and soyabean oil has increased in the last two months. India imported a record quantity of sunflower oil in the last two months, February 2,97,000 tonnes and in March received the highest monthly quantity of 4,46,000 tonnes.

Crude soyabean oil imports have risen to 2,18,604 tonnes compared to the previous month but remained lower than 2,58,925 tonnes in March 2023. Among palm oils, import of crude palm oil (CPO) declined to 3,81,056 tonnes in March this year from 5,51,062 tonnes in the year-ago period, while RBD palmoleion shipments too fell to 93,799 tonnes from 1,69,462 tonnes. However, the import of crude palm kernel oil rose to 10,499 tonnes in March this year from 8,006 tonnes in the year-ago period. Palm oil has become more expensive than sunflower oil by $70 per tonne in the global market.

As of April 1, there were 23,15,000 tonnes of edible oils stock at ports and pipelines. India imports palm oils mainly from Indonesia, and Malaysia, crude sunflower oils from Romania, Russia, Argentina and Ukraine, and soyabean oils from Argentina and Brazil.

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