India reduced edible oil imports by 5%

Published 2024년 6월 18일

Tridge summary

India's imports of edible oils, including palm, soybean, and sunflower oil, have decreased by 5% to 8.67 million tons in the first seven months of the 2023/24 oilseed year due to high domestic harvests and rising global prices. Palm oil imports have seen a 7% decrease, soybean imports have decreased by 22%, but sunflower oil imports have increased by 20%. Total edible oil imports are projected to decline to about 16 million tons from a record 16.47 million tons in 2022/23. The government's extension of lower import duties on these oils until March 31, 2025, is expected to negatively affect the processing and prices of domestic oilseeds.

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Original content

Imports of edible oils – palm, soybean and sunflower – decreased by 5% to 8.67 million tons in the first seven months of 2023/24 (November-October) compared to the same period last oilseed year. B.V. Mehta, executive director of the Indian Oilseed Producers Association (SEA), told FE that the decline in imports this year is due to high mustard and soybean harvests in the domestic market and rising world prices. Imports of palm oil for the period from November to May (2023-24) amounted to 4.97 mln tons, which is 7% less than in the previous year. Soybean imports totaled 1.59 million tons, down 22% year-on-year, while sunflower imports were up 20% to 1.99 million tons this year. While floods in Brazil and a workers’ strike in Argentina led to a sharp rise in global soybean oil prices, sunflower supplies from Russia and Ukraine declined due to the “dead season,” according to Mehta, prices for palm oil, which is the main imported product, remained more or less stable on the ...

Source: UkrAgroConsult