The cost of importing edible oil into the nation increased by 118 percent from the 2019–20 oil season to the 2021–22 oil season (November–October). According to information provided by the Solvent Extractors’ Association of India (SEA), the value of imported edible oil increased by 34% from the season of 2020–21 to 2021–22, reaching $1.56 lakh crore. In the 2019–20 season, the cost of importing edible oil was 71,625 crore. Accordingly, the price of imported edible oil increased by 118% between 2019–20 and 2021–2022. The rupee was trading at 81.35 to the dollar as of November 10 according to BV Mehta, Executive Director of SEA of India, making imported edible oils quite pricey.
India bought 14.3 lakh tonnes of edible oil in 2021–22, up from 131.3 tonnes in 2020–21, a 6.85 percent increase. In 2019–20, India imported 131.8 lt of edible oil. According to Mehta, the import grew gradually in the first two quarters before slowing down in the third. Nevertheless, it surged in the fourth quarter as Indonesia repealed its prohibition on the export of palm oil, which led to a dramatic drop in global prices.
These elements encouraged purchasing from India. In actuality, India imported a maximum of 43.34 lt of edible oil in the fourth quarter of the 2021–22 season, compared to 36.07 lt in the first quarter, 29.35 lt in the second quarter, and 31.52 lt in the third (Q3). As of November 1, 2021, there were 17.23 lt of edible oils in the opening stock. On November 1, 2022, the opening stock was 24.55 lt, though. Mehta estimated that India requires 19 lt of edible oil per month. He said that the nation’s current operating stock level of 40 days was a record high for India.
During 2021–2022, RBD palmolein imports climbed to 18.4 lt. The increase came at the expense of a decrease in CPO imports (crude palm oil). The import of soyabean oil increased to 41.7 lt during the oil year 2021–22 from 28.7 lt in 2021–22 since there was a decreased supply of sunflower oil the previous year. Sunflower oil imports were estimated at 19.44 lt in 2021–2022, compared to 18.94 lt in 2020–2021.
