India’s import of edible oils – palm, soybean and sunflower – rose 17% on year to a record 16.47 million tonne (MT) in the 2022-23 oil year (November-October) helped by lower import tariffs, according to the trade body Solvent Extractors Association of India (SEA).
The volume of imports of these cooking oils had seen a peak of 15.1 MT in 2016-17. The SEA stated ‘the (rise in) imports has transformed India into a prime destination for excess oil supplies.”
However the value of edible oil imports in 2022-23 declined by 11% to Rs 1.38 trillion from a record Rs 1.56 trillion in 2021-22 because of a subdued global prices.
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