India’s vegetable oil imports to decline to 15 million tons in MY 2024/25

India’s vegetable oil imports will fall to 15 million tons in the 2024/25 season as favorable weather is likely to boost domestic production, Reuters reported.

India, the world’s largest importer of vegetable oils, is estimated to import 16 million tons in the 2023/24 season that ended in October, B.V. Mehta, executive director of SEA India told the agency on the sidelines of the Indonesia Palm Oil Conference in Bali. The country imported 16.5 million tons of oils the previous year.

“Overall, we expect the harvest of local oilseeds – soybean, peanut and rapeseed – to increase by 3-4 million tons. So, taking into account domestic demand, we will still have a surplus of one million tons,” he said.

India’s palm oil imports in MY 2023\24 are estimated at 9.2 million tons, down from 9.8 million tons in the previous year. Palm oil accounts for 60% of India’s vegetable oil imports, but its high prices are forcing buyers to switch to sunflower oil, Mehta said. Palm oil will lose about 2-3% of its market share, he said. The benchmark price of palm oil in Malaysia has increased by about 30% since the beginning of the year and any further increase could also reduce demand from low-income consumers, he said.

Sunflower oil imports are expected to rise to 3.5 million tons from 2.9 million tons in the previous year.

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Tags: palm oil, imports, sunflower oil, India