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Edible Oil Market
Industry body SEA on Tuesday urged the government to regulate import of refined edible oils, restrict duty-free inbound shipments of finished products like soaps and noodles, and impose 5 per cent GST on de-oiled rice bran. In its pre-budget memorandum submitted to Finance Minister Nirmala Sitharaman, Solvent Extractors Association of India (SEA) emphasised the need to launch the 'National Mission on Edible Oils' (NMEO) with increased financial support to boost oilseeds production and reduce import dependency. The NMEO needs to be implemented with a minimum outlay of Rs 25,000 crore for the next five years against the present Rs 10,000 crore to reduce the country's dependence on imported oils to 25-30 per cent by 2029-30 from the current level of 65 per cent, it said. "We need to invest heavily on MSP support, farmer education, seeds, agri practices and machinery, soil weather forecasting and storage, along with modernisation of processing industry," SEA added. Expressing concern o
The Union agriculture ministry has launched its first-ever survey to assess edible oil consumption patterns in India, aiming to effectively implement the new Mission on Edible Oils-Oilseeds (NMEO-Oilseeds), a senior government official said. The 45-day questionnaire-based survey, which began on January 9, will continue until February 23. The initiative comes as India -- the world's largest consumer and importer of edible oils -- lacks recent data on consumption patterns. "The survey aims to capture the consumption pattern and choice of edible oils, which will help in policy decisions," the official told PTI. Industry reports indicate that per capita annual consumption of edible oil has risen to over 20 kg in India, significantly exceeding the recommended limits of 12 kg by the Indian Council of Medical Research (ICMR) and 13 kg by the World Health Organisation (WHO). This marks a substantial increase from 2.9 kg in 1950-60, driven by factors such as rising incomes, urbanisation, an
Wheat sowing area rose marginally by 2.28 per cent to 239.49 lakh hectares in the ongoing rabi (winter) season, while oilseeds acreage fell by 4.34 per cent to 86.52 lakh hectare, according to agriculture ministry data released on Monday. Wheat, the primary winter crop, is typically planted from November and harvested between March and April. Pulses acreage increased marginally to 120.65 lakh hectares as on December 6 of this rabi season from 115.70 lakh hectares in the previous year, with gram covering 86.09 lakh hectares and lentil 14.75 lakh hectares. Coarse cereals sowing remained flat at 35.77 lakh hectares, with jowar occupying 19.38 lakh hectares and maize 10.07 lakh hectares. However, oilseed sowing remained lower by 4.34 per cent at 86.52 lakh hectares, compared to 90.45 lakh hectares in the previous year. Rapeseed-mustard seed coverage dropped to 81.07 lakh hectares from 84.70 lakh hectares, while groundnut seed area decreased to 2.31 lakh hectares from 2.51 lakh ...
Edible oil industry SEA on Monday called on the government to lift a ban on futures trading in key agricultural commodities, including crude palm oil and soyabean, citing significant financial impact on its members. The ban, first implemented in December 2021 on seven agricultural commodities, has been extended multiple times with the current extension running through December 20, 2024. The Solvent Extractors Association of India (SEA) has appealed to five ministers, including Home Minister Amit Shah and Finance Minister Nirmala Sitharaman, arguing that the absence of futures trading has hindered price risk management and market development. "The industry was hopeful that the suspension would be lifted to enable smoother operations, but the continuation of this restriction has further weakened an essential risk mitigation tool," SEA President Sanjeev Asthana said in a representation made to the ministers. SEA emphasised that studies have shown futures trading does not significantly
India's edible oil imports declined by 3.09 per cent to 159.6 lakh tonnes during the 2023-24 oil marketing year due to higher domestic oilseeds production and reduced demand amid rising prices, according to industry body SEA. The country, which is the world's largest importer of edible oils, had imported 164.7 lakh tonnes in the previous oil year (November-October). In value terms, the imports marginally decreased to Rs 1,31,967 crore in 2023-24, from Rs 1,38,424 crore in the previous year, the Solvent Extractors Association of India (SEA) said in a statement. "International prices firmed up due to various reasons which reflected in rise in domestic prices and also reduction in import to some extent," SEA said. As per the data, crude palm oil imports fell to 69.70 lakh tonnes in 2023-24 from 75.88 lakh tonnes in the previous year, while RBD palmolein shipments declined to 19.31 lakh tonnes from 21.07 lakh tonnes. Among soft oils, soyabean oil imports decreased marginally to 34.41
India's import of edible oils fell 29 per cent annually in September to 10,64,499 tonnes due to lower inward shipments of crude and refined palm oils, according to industry data. Import of edible oils stood at 14,94,086 tonnes in the same month last year. Solvent Extractors' Association of India (SEA) on Friday released the import data for vegetable oils (both edible and non-edible) for September. Imports of non-edible oils fell to 22,990 tonnes in September from 57,940 tonnes in the year-ago period. According to the data, import of vegetable oils in September declined 30 per cent to 10,87,489 tonnes compared to 15,52,026 tonnes a year earlier. In the edible oil category, the SEA data showed that import of crude pall oil declined to 4,32,510 tonnes last month from 7,05,643 tonnes in September last year, while refined palm oil shipments were down to 84,279 tonnes from 1,28,954 tonnes. Imports of crude sunflower oil also declined to 1,52,803 tonnes from 3,00,732 tonnes. SEA attrib
The government on Thursday approved National Mission on Edible Oils-Oilseeds with an outlay of Rs 10,103 crore to make India self-sufficient in cooking oils. India imports more than 50 per cent of its annual edible oil requirement. "With an aim to make India self reliant in oilseed production in next 7 years, Cabinet approves National Mission on Edible Oils '? Oilseeds (NMEO-Oilseeds) for 2024-25 to 2030-31 with outlay of Rs 10,103 crore," the government said on social media platform X. The mission aims to increase primary oilseed production from 39 million tonnes in 2022-23 to 69.7 million tonnes by 2030-31, the government said. "It seeks to extend oilseed cultivation by an additional 40 lakh hectares," it added. India imports palm oil from Indonesia and Malaysia while soyabean oil is imported from Brazil and Argentina. Sunflower comes mainly from Russia and Ukraine.
India's crude soyabean oil imports reached a seasonal high of 4,54,639 tonnes in August, even as local soyabean prices have dropped below the minimum support price (MSP), industry body Solvent Extractors Association (SEA) said on Thursday. According to SEA, crude soyabean oil imports in August 2023 stood at 3,57,890 tonnes. The share of non-palm oils, including soyabean oil, made up 48 per cent of the total vegetable oil imports. The surge in imports comes as local soyabean prices dropped below the MSP, raising concerns about farmers' income with the new crop's arrival expected in the coming weeks. SEA praised the government's efforts to procure soyabean at MSP in Madhya Pradesh, Maharashtra and Karnataka, but suggested increasing import duties on crude and refined edible oils by 20 to 25 per cent across the board as a more effective solution. "This will translate into remunerative price to the farmers for his produce and the market forces will be able to pay above MSP price to the
India's edible oil imports declined marginally by 1.6 per cent to 119.35 lakh tonnes in the first nine months of 2023-24 marketing year ending October, according to industry body SEA. Imports of cooking oils stood at 1,19,35,227 tonnes during November 2023-July 2024 period as against 1,21,22,711 tonnes in the corresponding period of 2022-23 marketing year. Oil marketing year runs from November to October. More than 50 per cent of India's cooking oils demand is met through imports. Solvent Extractors' Association of India (SEA) data showed that imports of non-edible oils, however, increased to 1,88,955 tonnes from 1,32,242 tonnes. The total import of vegetable oils (edible and non-edible oils) during the first nine months of the current oil year stood at 121.24 lakh tonnes, down 1 per cent compared to 122.55 lakh tonnes in the year-ago period. In the first nine months of the 2023-24 oil year (November 2023-July 2024), India imported 15,18,671 tonnes of refined edible oil, a 7 per c
Import of vegetable oils, comprising edible and non-edible oils, rose 18 per cent in June to 15.5 lakh tonnes on higher imports of crude palm oil and crude sunflower oil, according to trade data. Solvent Extractors' Association of India (SEA) data showed that import of vegetable oils during June 2024 stood at 15,50,659 tonnes compared to 13,14,476 tonnes in the year-ago period. Edible oils import increased in June to 15,27,481 tonnes from 13,11,576 tonnes in the same month last year. However, the imports of non-edible oils jumped to 23,178 tonnes from 2,300 tonnes during the period under review. During the first eight months of 2023-24 oil year ending October, the imports of vegetable oils fell 2 per cent to 1,02,29,106 tonnes compared to 1,04,83,120 tonnes in the corresponding period of the previous year. SEA data showed that imports of refined oil declined 2 per cent to 13,81,818 tonnes during November 2023-June 2024 period of 2023-24 oil year from 14,03,581 tonnes in the ...
India's vegetable oils import fell 13 per cent year-on-year in February to nearly 9.75 lakh tonne, according to industry data. In a statement on Wednesday, Solvent Extractors' Association of India (SEA) said the import of vegetable oils (comprising edible oils and non-edible oils) during February stood at 9,74,85 tonne as compared to 11,14,481 tonne in the year-ago period. Out of the total imports, the edible oil shipments fell to 9,67,852 tonne last month from 10,98,475 tonne in February 2023. Non-edible oils imports too fell to 7,000 tonne from 16,006 tonne in the year-ago period. During November 2023-February 2024 period, the overall import of vegetable oils declined 21 per cent to 46,47,963 tonne from 58,87,900 tonne in the corresponding period of the previous oil year. Oil marketing year runs from November to October. Edible oils import fell to 46,15,551 tonne during the first four months of 2023-24 oil year from 58,44,765 tonne in the year-ago period. Non-edible oils impor