Palm oil import in August jumps 31.5% over July due to opening up of the economy, says govt.

Import of palm oil(crude and refined), the imported in August 2021 was 7.43 LMT as against 5.65 LMT in July, 2021, up by 31.50% from the previous month, largely due to opening up of the economy, said the Ministry of Consumer Affairs in a release.

"Taking year on year comparison for the month of August it can be seen that the total palm oil imports (crude and refined) for 2019, 2020 and 2021 was 8.81 LMT, 7.48 LMT and 7.43 LMT respectively which is still below the usual demand in the economy," added the release.

Due to a gap between demand and supply, around 60% of the edible oils consumed in the country are met through imports. In this accord, palm oil constitutes around 54% of the total edible oil imported mainly from Indonesia and Malaysia, while Soyabean oil constitutes around 25% and is imported from Argentina and Brazil and Sunflower oil constitutes 19% and is imported mainly from Ukraine.

"In medium term contract production of edible oils is being given very high priority which is reflected in highest production of Mustard seeds from 91 LMT to 101 LMT this year," the release said.

A close watch is kept on day to day basis on production, imports and prices of edible oils and so that appropriate measures can be taken to keep a check on the prices of edible oil.

An Inter-Ministerial Committee on Agri-Commodities chaired by Secretary (Food) is also in place to closely monitor the prices and availability of agricultural commodities including edible oil keeping in view the interest of the farmer, industry and consumers. The committee reviews price situation on weekly basis, consider relevant measures in relation to edible oils and other food items depending on the domestic production, demand, domestic and international prices and international trade volume.

"Timely interventions by the Government have been made in the last year as and when needed so as to ensure that the prices remain stable and interest of consumers is protected within the limitations of international fluctuations," conveyed the Ministry through the release.