India prefers Argentine oils

Published 2024년 12월 18일

Tridge summary

India has increased its vegetable oil imports by 12% in November 2024 due to palm oil being the most expensive oil on the market, with soybean and sunflower oil being cheaper alternatives. The country imported a record 1.628 million tons of vegetable oils, a 40% increase from November 2023. This has resulted in a drop in domestic soybean prices, which is a challenge for local processors. Argentina has established a strong presence in the Indian vegetable oil market, with soybean and sunflower oil exports accounting for an average of 10% of Argentina's exports between 2018 and 2023. India is expected to overtake China as the main driver of global food demand after 2040.

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

Original content

According to GrainTrade, after palm oil became the most expensive oil on the market, India dramatically increased purchases of soybean and sunflower oil, which were unprecedentedly cheaper. In this context, Indian importers of vegetable oils quickly adapted to price changes on the world market and increased imports of Argentine soybean oil due to its strong competitiveness. This is no small feat for the country's largest buyer of this type of oil worldwide. In November 2024 (the first month of the 2024/25 season for the northern hemisphere), the country's import of vegetable oils increased by 12% compared to October, from 1.459 million tons to a record 1.628 million tons, which is 40% more than in November 2023 (1.161 million tons). Thus, palm oil imports climbed from 171,069 thousand tons to 284,537 thousand tons, crude sunflower oil imports went from 128,707 thousand tons to 340,66 thousand tons, and soybean oil imports went from 149,894 thousand tons to 407,648 thousand tons. ...

Source: Suenaacampo