India Palm Oil Imports Hit Seasonal High, Cause Port Congestion

New Delhi, Aug 14 (PTI) India's palm oil imports reached a seasonal high of 10.81 lakh tonne in July, leading to port congestion and berthing delays of 8-10 days, industry body Solvent Extractors Association (SEA) said on Wednesday.

The imports were marginally lower than 10.86 lakh tonne in July 2023. Palm oil made up 57 per cent of the total vegetable oil imports.

Total vegetable oil imports stood at 18.95 lakh tonne in July, up from 17.71 lakh tonne a year ago, SEA said in a statement.

The oil year runs from November to October. India is the world's largest importer and consumer of vegetable oils.

SEA said the 20 per cent surge in imports in the third quarter(May-July), was driven by expectations for the upcoming festive season. This led to congestion at Kandla port, with berthing delays of 8-10 day.

According to SEA data, RBD palmolein imports fell to 1.36 lakh tonne from 2.37 lakh tonne year-on-year in July 2024. Crude palm oil imports rose to 9.36 lakh tonne from 8.41 lakh tonne, while crude palm kernel oil increased to 8,001 tonne from 7,457 tonne.

Among soft oils, sunflower oil imports rose to 3.66 lakh tonne from 3.27 lakh tonne. Soyabean oil imports were at 3.91 lakh tonne as against 3.42 lakh tonne in July 2023.

Total edible oil imports in July increased to 18.40 lakh tonne from 17.55 lakh tonne year-on-year, while non-edible oils were at 55,014 tonne as against 15,999 tonne.

Edible oil stocks as of August 1 were estimated at 29 lakh tonne, attributed to July's high imports.

For the first nine months of the current oil year, total vegetable oil imports were 121.24 lakh tonne, slightly below 122.54 lakh tonne in the same period last year.