Recent data released by The Solvent Extractors’ Association of India indicates the uptick of 13.46% in edible oil imports by India from March to April 2024. The reduction in international oil prices in March 2024 played a significant role in boosting imports in April’24. The global palm oil prices declined amid weak global demand, in addition to higher outputs aligned with the normal seasonal trend. The prices for RBD Palm olein and crude palm oil (CPO) dropped nearly USD 100 per ton, soybean oil declined by USD 40 per ton, and sunflower oil decreased by USD 15 per ton.
Moreover, the Association's data also shows that the import of vegetable oils in April 2024 totaled 1,318,528 tons, a significant rise from the 1,050,189 tons recorded in April 2023. This includes 1,304,409 tons of edible oils, marking an increase of 25.55%. Despite this y-o-y surge, the cumulative imports of vegetable oils for the six months spanning November 2023 to April 2024 still recorded a 12% dip.
Furthermore, the data indicates a month-on-month increase of 13.46% in edible oil imports from March to April 2024. The reduction in international oil prices in March 2024 played a significant role in boosting imports in April’24. The global palm oil prices declined amid weak global demand, in addition to higher outputs aligned with the normal seasonal trend. The prices for RBD Palmolein and crude palm oil (CPO) dropped nearly USD 100 per ton, soybean oil declined by USD 40 per ton, and sunflower oil decreased by USD 15 per ton.
Indonesia and Malaysia emerged as the principal suppliers of RBD Palmolein and crude palm oil to India during November 2023 to April 2024. Indonesia was the leading supplier, delivering 1,528,256 tons of CPO and 880,027 tons of RBD Palmolein, followed by Malaysia, which supplied 1,320,028 tons of CPO, 130,808 tons of RBD Palmolein, and 53,927 tons of crude palm kernel oil (CPKO).
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In terms of crude soybean degummed oil, India primarily imported from Argentina (664,675 tons) and Brazil (449,280 tons). For crude sunflower oil, the major suppliers were Russia (626,812 tons), followed by Romania (521,373 tons), Argentina (176,776 tons), and Ukraine (169,638 tons).
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