India’s edible oil imports decline, while textile exports rise

India’s edible oil imports declined marginally by 1.6 percent to 119.35 lakh tonnes in the first nine months (November-July) of marketing year 2023-24. According to the Solvent Extractors Association of India (SEA), imports of cooking oils stood at 1,19,35,227 tonnes during the period November 2023-July 2024. Whereas it was 1,21,22,711 tonnes in the same period of the marketing year 2022-23. The oil marketing year runs from November to October. More than 50 percent of India’s edible oil demand is met through imports. However, imports of non-edible oils increased from 1,32,242 tonnes to 1,88,955 tonnes, SEA data shows. Total imports of vegetable oils (edible and non-edible oils) during the first nine months of the current oil year stood at 121.24 lakh tonnes, which was one percent lower than 122.55 lakh tonnes in the same period last year.

Import of refined edible oil decreased by 7%

India imported 15,18,671 tonnes of refined edible oil in the first nine months of the oil year 2023-24, down seven percent from 16,40,960 tonnes imported during the same period of the previous oil year. Imports of crude edible oils declined one percent to 1,04,16,556 tonnes from 1,04,81,751 tonnes. Total palm oil imports during the first nine months of the oil year 2023-24 declined four percent to 68,45,097 tonnes as against 71,17,834 tonnes in the same period a year ago. In contrast, soft oil imports increased to 50,90,131 tonnes from 50,04,877 tonnes. Indonesia and Malaysia are the primary suppliers of RBD palm olein and crude palm oil (CPO) to India. Crude soybean degummed oil is imported mainly from Argentina and Brazil, while crude sunflower oil is imported from Russia, Romania, Ukraine, and Argentina.

Textile exports rise

India’s textiles and apparel exports rose 4.73 percent year-on-year to $2937.5 million in July. The rise in exports was mainly due to increased demand for apparel, the Confederation of Indian Textile Industry (CITI) said on Thursday. Textiles and apparel exports stood at $2805 million in July last year, CITI said. Textile exports in July remained stable at $1660.3 million as compared to $1663.0 million in the same period last year, while apparel exports during the month rose 11.84 percent to $1277.2 million as compared to $1141.9 million in the same period last year.