Import of vegetable oil to India: New trends and implications

Published 2024년 2월 1일

Tridge summary

In 2023, India's vegetable oil imports grew by 6% year-on-year to 16.06 million tonnes, with a shift in palm oil imports from Malaysia to Indonesia due to favorable export policies and pricing. Soft oils saw a 15% increase in imports, largely driven by a 59% surge in crude sunflower oil imports. However, the extension of import duty on edible oils till 2025 could impact local farmers and processors. Despite logistical challenges in the Red Sea and weather-related issues, the mustard oil segment is expected to see increased supply, and soybean oil is set to gain market share due to a resurgence in Argentina's soybean crop. The article predicts price stability in the Indian oil market due to these factors.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

In the volatile web of global trade, Indian vegetable oil import trends serve as a barometer of both domestic demand and changes in the international market. A close look at the trends observed in 2023 provides valuable insight into the changing landscape of the industry and its multi-faceted ramifications. Import Overview 2023: During 2023, India witnessed a remarkable growth in vegetable oil imports at 6% year-on-year. The total volume rose to 16.06 million tonnes, a significant increase from the 15.12 million tonnes recorded in the previous year. This surge highlights the robust demand for vegetable oils in the Indian market, driven by factors ranging from culinary preferences to industrial applications. Palm Oil Dynamics: Palm oil imports have seen some intriguing fluctuations. Despite a slight increase of 1% in total palm oil imports, the supply structure has undergone significant changes. Imports of palm oil from Malaysia fell markedly by 17%, while imports from Indonesia ...

Source: Oilworld