Imports of palm and sunflower oil to India increased to a record level in 2022/23 MY
Refined Sunflower Oil
Market & Price Trends
Refined Soybean Oil
Published Nov 14, 2023
India's imports of palm and sunflower oil have reached record highs in the 2022/23 marketing year, increasing by 24% and 54% respectively, due to rising consumption and the oils being available at a discount compared to soybean oil. This surge in imports may help reduce palm oil stocks in Malaysia and Indonesia and support benchmark futures. The increase in purchases has also led to an increase in oil stocks to 3.3 million tons, compared to 2.46 million tons the previous year.
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The increase in purchases by the world’s largest importer of vegetable oils could help reduce palm oil stocks in Indonesia and Malaysia and support benchmark futures. The purchase could lead to a reduction in stocks in the Black Sea countries that produce sunflower oil. Imports of palm oil totaled 9.79 million tons in the 2022/23 marketing year ended October 31, while imports of sunflower oil rose to 3 million tons, according to a statement from the Mumbai-based Solvent Exporters Association (SEA). Soybean oil imports are down 12% this year to 3.68 million tons, as it traded at a premium over palm and sunflower oil for most of the month. Total edible oil imports rose to a record 16.47 million tons this year, up 17.4% from a year ago, as the government’s decision to cut the edible oil import tax to 5.5% stimulated foreign purchases, the SEA reports. The government cut import taxes when edible oil prices were rising on the global market last year, but did not raise them after prices ...