The total import of vegetable oils (edible oils and non-edible oils) increased by nine per cent to 11,14,481 tonnes in February this year from 10,19,997 tonnes a year ago.
of the country edible oil Imports increased by 12 percent year-on-year to 10.98 lakh tonnes in February. Industry body Solvent Extractors Association (SEA) said in a statement on Wednesday that edible oil Import increased to 10,98,475 tonnes from 9,83,608 tonnes in the same period a year ago. Imports of non-edible oil declined to 16,006 tonnes in February from 36,389 tonnes in the same month last year.
The total import of vegetable oils (edible oils and non-edible oils) increased by nine per cent to 11,14,481 tonnes in February this year from 10,19,997 tonnes a year ago. The import of edible oils during the period from November 2022 to February 2023 increased to 58,44,765 tonnes from 45,91,220 tonnes in the same period of the previous oil marketing year. The oil marketing year runs from November to October.
Soybean oil comes from Argentina and Brazil
Imports of non-edible oils declined to 43,135 tonnes in the first four months of the oil year 2022-23 from 99,938 tonnes in the year-ago period. The total import of vegetable oils during the period November 2022-February 2023 increased by 26 per cent to 58,87,900 tonnes from 46,91,158 tonnes in the previous year. India imports palm oil from Indonesia and Malaysia, while soybean oil comes from Argentina and Brazil.
accounts for about 22.5 percent of total palm oil imports
SEA expressed concern over the huge increase in import of RBD (refined) palmolein to 8.20 lakh tonnes in the first four months of the current oil year, which accounts for about 22.5 per cent of total palm oil imports. It said, the potential of India’s palm refining industry is under-utilised due to excessive import of RBD palmolein and conversion to mere packers. The industry body said that there is a need to widen the duty differential between CPO (crude palm oil) and refined palmolein/palm oil from the existing 7.5 percent to at least 15 percent by imposing an additional 7.5 percent agriculture cess on RBD palmolein.
There is also a need to restart mustard futures trading.
The current MSP (minimum support price) for mustard is Rs 5,450 per quintal, while mustard is being sold at least Rs 300-400 per kg below the MSP in various mandis, SEA said. There is an urgent need to start procurement of Mustard at MSP rate in all major mandis by Co-operative Society NAFED…There is also a need to restart Mustard futures trading.