India’s palm oil imports rose 51% in January, reaching a four-month high

India’s palm oil imports in January rose 51% from the previous month, reaching a four-month high, as a steeper discount to rival soybean oil prompted refiners to increase purchases of the tropical oil, while soybean oil imports fell to a 19-month low.

Rising palm oil imports into India, the world’s largest buyer of vegetable oils, could contribute to inventory drawdowns at leading producers in Indonesia and Malaysia, supporting Malaysian palm oil futures and putting pressure on U.S. soybean oil futures.

Last month, India imported 766,384 metric tons of palm oil, the highest since September 2025, the Indian Palm Oil Association (SEA) reported on Friday.

Soybean oil imports fell more than 44% to 278,888 tonnes, the lowest since June 2024, while sunflower oil imports fell 23.8% to 266,575 tonnes, an industry trade body reported.

According to the data, India’s total edible oil imports in January fell 3.7% from the previous month to 1.31 million tonnes, driven by lower imports of soybean and sunflower oils.

According to the Southeast Asia Commission, India’s vegetable oil stocks as of February 1 fell to 1.75 million tonnes, down from 2.18 million tonnes a year earlier, reflecting lower imports in recent months.

“Palm oil is currently trading at a discount of over $100 per tonne compared to soybean oil, making it a much more attractive option for Indian refineries,” said a Mumbai-based dealer working for an international trading company.

According to him, palm oil imports are expected to exceed 800,000 tonnes in February as Indian buyers shift from expensive sunflower oil to more affordable palm oil.

Tags: India, palm oil, imports