S Alam Group imported edible oil worth Tk2,200 crore this year to stabilise market

S Alam group has imported around 204,000 metric tonnes of edible oil till August this year to stabilise the market and meet consumer demand.

The group's total investment stands at $200 million, or Tk2,200 crore, said a press release. 

Among imported edible oils, the total import of palm oil was approximately 1,92,000 metric tonnes and soybean oil was approximately 12,000 metric tonnes. The financial market value of imported palm oil is about $185 million or more than  Tk2,035 crore. Whereas the market value of imported soybean oil is approximately $15 million or more than Tk165 crore.  

 Currently, the annual demand for edible oil in the country is approximately 23 lakh tonnes. Out of this, only about three lakh tons are produced locally from mustard, sesame and sunflower, which is about 13% of the demand. This means almost 90% of the edible oil needs to be imported to keep the supply stable.

S Alam Group imports about 30% of the domestic market demand for oil imports. In 2022, S Alam Group imported about 6,78,000 metric tonnes of edible oil with an investment of more than $918 million or about Tk10,098 crore.

 In this context, a representative from S.Alam Group said, "Most of the country's annual edible oil demand needs to be imported. If the edible oil is not imported at the right time as per demand, it can have an adverse effect on the market. We regularly import palm and soybean edible oils to meet the needs of our customers and keep market conditions favourable to them. The people of the country are benefited by this efficient and prompt initiative of S Alam Group and uninterrupted supply of edible oil is ensured."