India’s Edible Oil Imports Dip 11% Year on Year in November-July Period

India’s overall edible oil imports for the nine-month period November- July 2020 (of the oil year November-October) fell 11 per cent over the same period last year after sharp fall in the imports of refined, bleached and deodorized (RBD) palmolein, The Hindu Business Line reported on August 14. The latest data compiled by the Solvent Extractors’ Association of India (SEA) showed India’s edible oil imports during the period was 9,569,336 MT as compared to 10,803,777 MT in the same period last year. 

The SEA attributed the fall in overall edible oil imports to a reduction in import of RBD palmolein by 82 percent to 380,386 MT for the period as against 2,090,381 MT in the same duration last year.  India reported zero imports of RBD palmolein in the month of July 2020, which was 264,718 MT in the same month last year. 

SEA also noted that imports of edible oils showed a revival in July 2020 after a lockdown-induced decline in April-May 2020. Based on the available provisional data for import of edible oils for July 2020 reported at 1,517,350 MT, volume rose 13% compared to 1,347,882 MT in July 2019. “This is the highest import in the last eleven months of the oil year 2019-20,” B.V. Mehta, SEA executive director said.