India may reduce import of vegetable oils in 2024/25 FY

Published 2024년 11월 8일

Tridge summary

India saw a significant increase in vegetable oil imports in October, following a drop in September, driven by holiday demand and the need to restock. Palm oil imports surged by 59% to 840,000 tons, and sunflower oil imports also increased by 57%. However, soybean oil supplies decreased by 10%. The SEA Association predicts that India's vegetable oil imports will reduce to 15 million tons in FY 2024/25 due to increased domestic production. In FY 2023/24, India imported 16.5 million tons of vegetable oils, making it the world's largest buyer. Palm oil accounted for nearly 60% of the imported volume, but high prices this year have led buyers to prefer sunflower oil, potentially leading to a 2-3% decrease in palm oil's market share.

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

Original content

According to dealers' preliminary estimates, after a 30% drop in September, imports of vegetable oils to India rose sharply in October amid heightened holiday demand and the need to replenish stocks. Thus, import of palm oil increased by 59% to 840,000 tons, and sunflower oil - by 57%, while soybean oil supplies decreased by 10%. Experts of the SEA Association believe that in FY 2024/25, India will reduce its import of vegetable oils to 15 million tons, as favorable weather will allow it to increase its own production of oil crops by approximately 3-4 million tons. In FY 2023/24 (which ended in October), India imported 16.5 million tons of vegetable oils, confirming its status as the world's largest buyer of these products. Moreover, the import of palm oil in the 2023/24 MR decreased compared to the previous season from 9.8 to 9.2 million tons, while the import of sunflower oil increased from 2.9 to 3.5 million tons. Almost 60% of the volume of vegetable oils imported by the ...

Source: Graintrade