Wedoany.com Report-Apr. 7, India’s edible oil import trends shifted in March as soybean oil imports surged by 24%, reaching 352,000 tonnes, according to recent data. In contrast, sunflower oil imports dropped by 15.5% to 193,000 tonnes, marking the lowest level in six months. Meanwhile, palm oil imports climbed 13.2% to 423,000 tonnes compared to February, though they remained below typical levels for the fourth consecutive month.
The rise in palm oil imports followed a period of reduced demand, influenced by its higher price compared to soybean oil. This price difference led millers to favor soybean oil. Historical data from the Oilseed Extractors Association of India (SEA) shows that palm oil imports averaged over 750,000 tonnes monthly in the marketing year ending October 2024. The SEA is set to release this information officially by mid-April.
Rajesh Patel, managing partner at GGN Research, noted: “Palm oil has been more expensive than soybean oil in the last few months, and that is reducing the underlying demand.” This cost dynamic has shaped purchasing decisions, boosting soybean oil’s share in the import mix. Despite the uptick in palm oil volumes, its premium over competitors continues to limit its appeal.
Overall, India’s total edible oil imports in March reached 968,000 tonnes, a 9.3% increase from February, when imports hit a four-year low. The growth reflects higher shipments of both palm and soybean oils, offsetting the decline in sunflower oil. These figures indicate a recovery in import activity, driven by adjustments in sourcing strategies to balance cost and supply needs.
The data underscores India’s reliance on imported edible oils to meet domestic consumption, with monthly variations tied to global price movements and availability. As the SEA prepares to publish its annual summary, these March figures offer a snapshot of evolving preferences among importers and processors in one of the world’s largest edible oil markets.
