Edible oils import up 63 pc to Rs 1.17 lakh crore in 2020-21

  • 17-Nov-2021
  • Edible oils import up 63 pc to Rs 1.17 lakh crore in 2020-21

India's import of edible oil remained almost flat at 131.3 lakh tonnes during the 2020-21 marketing year ending October, but in value terms inwards shipments rose 63 per cent to Rs 1.17 lakh crore, according to industry data. The marketing year of vegetable oil, which comprises of edible oil and non-edible oil, runs from November to October.

"Import of vegetable oils during oil year 2020-21 is reported at 135.31 lakh tonnes (13.53 million tonnes) compared to 135.25 lakh tonnes (13.53 million tonnes) compared to 135.25 lakh tonnes (13.53 million tonnes) during 2019-20," Solvent Extractors' Association of India (SEA) said in a statement.

The import of vegetable oils has been at the the lowest for the second time in last six years, it added.

As per the data, edible oil import fell to 131.31 lakh tonnes in 2020-21 from 131.75 lakh tonnes in the previous year, while imports of non-edible oil rose to 399,822 tonnes from 3,49,172 tonnes.

In value terms, SEA said the import of edible oil gone up to Rs 1,17,000 crore in 2021-21 from Rs 71,625 crore in 2019-20.

The frequent changes in import duty on edible oils in last few months by the Government of India also disturbed the import pattern, the association said.

Import of refined oil has marginally increased to 6.86 lakh tonnes in 2020-21 as compared to 4.21 lakh tonnes during 2019-20, while crude oil import marginally decreased to 124.45 lakh tonnes compared to 127.54 lakh tonnes.

"Crude and refined oil import ratio is 95:5, which was 81:19 in 2016-17. The higher import of crude veg oil helped domestic refiners to have the better capacity utilization, employment generation and value addition in the country," SEA said.

During 2020-21, palm oil import sharply increased to 83.21 lakh tonnes as compared to 72.17 lakh tonnes during the previous year due to reduction in import duty on CPO (Crude Palm Oil) and lifting of restriction on import of RBD (Refined, Bleached and Deodorised) Palmolein.

Source : economictimes.indiatimes.com

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