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Edible Oil Imports Rise 22 percent To Rs 1.61 Lakh Crore In 2024-25 Marketing Year; Volume Remains Steady: SEA
Edible Oil Imports Rise 22 percent To Rs 1.61 Lakh Crore In 2024-25 Marketing Year; Volume Remains Steady: SEA
India imported 16 million tonnes of edible oils worth nearly Rs 1.61 lakh crore during the 2024-25 marketing year ending in October to meet domestic demand, according to the industry group SEA. In the 2023-24 marketing year (November-October), India's edible oil imports were 15.96 million tonnes valued at Rs 1.32 lakh crore, as per data from the Solvent Extractors' Association of India (SEA) released on Thursday.
The value of edible oil imports increased by 22 percent due to higher global prices. India imports palm oil from Indonesia and Malaysia, while soybean oil comes from Argentina and Brazil. “To meet the gap between supply and demand, India has been importing edible oils since the 1990s. Initially, the import volume was very low. However, in the last 20 years (2004-05 to 2024-25), the import volume has grown by 2.2 times, while the cost has increased nearly 15 times," the association said.
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In 2024-25, India spent nearly Rs 1.61 lakh crore (USD 18.3 billion) to import 160 lakh tonnes (16 million tonnes) of edible oils. In terms of volume, edible oil imports were 16.47 million tonnes in 2022-23, 14.03 million tonnes in 2021-22, and 13.13 million tonnes in 2020-21. During the 2024-25 oil marketing year, SEA data showed that 1,737,228 tonnes of refined oils were imported compared to 1,931,254 tonnes in the previous year.
However, imports of crude edible oils increased to 14,273,520 tonnes from 14,031,317 tonnes in the 2023-24 marketing year. Soybean oil imports set a new record of 5.47 million tonnes in 2024-25, surpassing the previous high of 4.23 million tonnes in 2015-16. Palm oil imports dropped sharply to 7.58 million tonnes from 9 million tonnes, according to the association's data.
Source: News18
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