India increased imports of vegetable oils by 40% in November, especially soybean and sunflower oil

After palm oil became the most expensive on the market, India sharply stepped up purchases of much cheaper soybean and sunflower oil.

According to the SEA Association, in November 2024 (the first month of the season 2024/25), the import of vegetable oils increased by 12% compared to October from 1.459 mln tonnes to the record 1.628 mln tonnes, which is 40% higher than in November 2023 (1.161 mln tonnes). Thus, the imports of palm olein RBD increased from 171.069 thsd tonnes to 284.537 thsd tonnes, crude sunflower oil – from 128.707 thsd tonnes to 340.66 thsd tonnes, soybean oil – from 149.894 thsd tonnes to 407.648 thsd tonnes.

Indian importers of vegetable oils quickly adapted to the price changes on the world market, and increased imports of Argentine soybean oil due to its strong competitiveness. Excessive imports of soybeans have pushed down domestic prices of the oilseed to between Rs 4250 and Rs 4300 per quintal, compared to the minimum retail price of Rs 4892 per quintal, which is a hardship for local soybean processors, who are already suffering from the low competitiveness of Indian soybean meal on the global market. In order to support farmers and the market, SEA called on the government to lift the suspension of futures trading in CPO, SBO, mustard seeds, soybeans and not to extend it beyond December 20, 2024.

Due to the increase in imports of vegetable oils in November, their stocks in ports increased to 998 thsd tonnes as of December 1: SRO – 332 thsd tonnes, palm olein – 212 thsd tonnes, soybean oil – 173 thsd tonnes, crude sunflower oil – 291 thsd tonnes. At the same time, the stocks in warehouses increased to 1.571 mln tonnes, and the total stocks as of December 1 reached 2.569 mln tonnes, which is 161 thsd tonnes higher than as of November 1, 2024 (2.408 mln tonnes).

Tags: sunflower oil, soybean oil, India, rapeseed oil