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Edible Oil Import Duty In India: Big news related to edible oils of India is coming out. There has been a tremendous jump of 34.18 percent in the import bill of edible oils in India. The Solvent Extractors Association of India (SEA) has given this information in its report. This record is for the year 2022 till the end of October. The cost of import bill of edible oils has reached Rs 1.57 lakh crore. Similarly, the volume of oil import has increased by 6.85 percent to 140.3 lakh tonnes. Let us tell you that India is also the largest edible oil buyer in the world.
fast growing demand
The demand for edible oils has increased rapidly in the country in recent months. Due to this the expenditure on import of oils has increased. According to the SEA report, India imported 131.3 lakh tonnes of edible oils during 2020-21 (November-October). Last year, India spent Rs 1.17 lakh crore on the purchase of oils. But by October 2022, this expenditure has increased to Rs 1.57 lakh crore. The import of edible oils has increased continuously in the first two quarters of this financial year, while there has been a decline in the third quarter.
The demand for this oil has doubled
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According to the SEA, the oils which have been imported the most. In this, there has been a double increase in the import of RBD Palmolein Oil. The import of this oil is 18.41 lakh tonnes in 2021-22, compared to 6.86 lakh tonnes last year. Crude palm oil imports have declined by 20 percent to 59.94 lakh tonnes as against 74.91 lakh tonnes.
The demand for this oil has decreased
Crude Palm Kernel Oil (CPKO) imports have come down from 1,43,000 tonnes to 80,000 tonnes in the same period. In soft oil, the import of soybean oil has increased the fastest to 41.71 lakh tonnes. Last year its import was 28.66 lakh tonnes. Soybean oil imports have increased due to reduced supply of sunflower oil.
Palm oil supply remained low
It is known that the supply of palm oil has been less in March-April, due to which its price has increased. After this Indonesia banned the export of palm oil in the month of May-June. This stopped India’s palm oil purchases. Due to which the import of palm oil in India has come down to 79.15 lakh tonnes in 2021-22. In the previous year, this import stood at 83.21 lakh tonnes.
export ban lifted
The import of edible oils has seen an increase in the fourth quarter of the financial year 2022-23. Indonesia has lifted the ban on the export of its palm oil. After this the prices of edible oils all over the world came down. India has imported edible oils on a large scale taking advantage of the fall in international prices.
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