Edible Oil Imports Plunge 34% On Year In April

The Solvent Extractors' Association (SEA), noted in a latest update that based on the available data, it has compiled provisional data for Import of Edible Oils for April 2020. The imports in April 2020 are reported at 790,377 tons compared to 941,219 in March 20 and 1,198,763 tons in April 2019, down by 34%, on YoY basis. The drop in April is mainly due to logistics issues at destinations as well as at discharge ports. The overall Import of Edible Oils during Nov-2019 to April-2020 is reported at 6,182,184 tons, compared to 7,203,830 tons during the same period of previous year, i.e. down by 14 %.

Due to the global pandemic Covid-19, lockdown is being observed all over India, and hence SEA is unable to collate the data from all sources and circulate the data in the regular Circular format. In view of placing RBD Palmolein under the Restricted List w.e.f. 8th January, 2020, its imports have since drastically reduced. In April 2020, import reduced to 29,750 tons from 238,479 tons, a fall of 87% from previous year. Last year Malaysia shipped excessive RBD Palmolien to India taking the benefit of lower duty concession. The imports of CPO and CPKO also registered a 14% decline during Nov-2019 to April -2020 period, as compared to same period previous year. This decline in the imports of palm products have directly benefitted the imports of soft oils, viz. Soybean and Sunflower, which is evident by their increase in imports by 13% and 12% respectively, thanks to house hold demand in consumer packs.

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