India reduced imports of soybean and palm oils in MY 2023/24, but increased sunflower oil purchases

The country’s vegetable oil imports during MY 2023/24 (November-October) fell 3.09% to 16.2 million tons due to higher domestic production of oilseeds and lower demand amid rising prices, down from 16.47 million tons a year earlier, according to the Oilseed Processors Association of India (SEA).

“International prices increased, which reflected the rise in domestic value and also affected the decline in imports to some extent,” SEA said.

Specifically, crude palm oil imports were 7 million tons (7.59 million tons in the previous season), palm olein imports fell to 1.93 (2.11) million tons, soybean oil imports fell 6.4% to 3.44 (3.51) million tons and sunflower oil imports rose 16.8% to 3.51 (3) million tons.

Meanwhile, palm oil imports in October rose 60% from September’s figures, driven by higher demand during the holiday season, soybean oil imports fell 11% to 341,000 tons and sunflower oil imports rose 56.5% to 239,000 tons month-on-month, the industry trade body said.

Also according to SEA, India’s edible oil imports in 2024/25 could fall by 1 million tons, given a likely record domestic oilseed harvest.

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Tags: sunflower oil, soybean oil, India, palm oil, imports