Edible oil is one of the most significant daily necessities for us. Edible oil is used daily for various purposes, including cooking. Due to a lack of domestic production as per demand, most of it has to be imported. In this case, S. Alam Group is among the leading edible oil-importing companies in the country.
The company has imported around 204,000 metric tonnes of edible oil till August this year to stabilize the market and meet consumer demand, said a press release.
Now, S. Alam Group’s total investment stands at USD 200 million, or tk 2,200 crore. 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 tons.
The financial market value of imported palm oil is about USD 185 million or more than tk 2,035 crore. Whereas the market value of imported soybean oil is approximately USD 15 million or more than tk 165 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 percent of the demand. 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.”
