India's edible oil imports declined, while textile exports increased

India Textile Exports: India's edible oil imports declined marginally by 1.6 per cent 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 marketing year 2022-23. The oil marketing year runs from November to October. More than 50 per cent 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, down one per cent as compared to 122.55 lakh tonnes during the same period last year.

Imports of refined edible oil down 7%

India imported 15,18,671 tonnes of refined edible oil during the first nine months of oil year 2023-24, down seven per cent from 16,40,960 tonnes imported during the same period last oil year. Imports of crude edible oils declined one per cent to 1,04,16,556 tonnes from 1,04,81,751 tonnes. Total palm oil imports during the first nine months of oil year 2023-24 declined four per cent to 68,45,097 tonnes as compared to 71,17,834 tonnes during the same period a year ago. In contrast, soft oil imports rose to 50,90,131 tonnes from 50,04,877 tonnes. Indonesia and Malaysia are the primary suppliers of RBD palmolein 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 textile and apparel exports rose 4.73 per cent year-on-year to $2937.5 million in July. The Confederation of Indian Textile Industry (CITI) said on Thursday that the increase in exports was mainly due to increased demand for apparels. CITI said textile and apparel exports were $2805 million in July last year. Textile exports in July remained stable at $166.03 million as against $166.30 million in the year-ago period, while apparel exports during the month rose 11.84 per cent to $127.72 million as against $114.19 million in the same period last year.