Indian Import of Vegetable Oils Down in Oil Year 2023/2024

Data from the Solvent Extractors Association of India (SEA) showed the country’s import of vegetable oils during the Oil Year 2023-2024 (November 2023 to October 2024), edible and non-edible oils, totaled 16.2 million MT, lower by 3% when compared with 16.7 million MT in the preceding oil year.  In Oil Year 2024-25, SEA projects a further reduction in imports to 15.0 million MT, considering the likely record domestic oilseeds crop.
Import of edible oils during the year declined to 15.962 million MT from 16.466 million MT previously, a deficit by 3%.  The decline was due to larger domestic oilseed crops and higher price that squeezed the demand to some extent particularly in the lower segment of the society, SEA said.  India needs annually about and additional 1.0 million MT of edible oil to meet growing population and increase in per capita consumption.  The country’s current edible oil consumption is about 25.5-26.0 million MT, growing at 3-4% per annum.
Indonesia and Malaysia were the primary sources of edible oil imports with Indonesia accounting for 4.830 million MT, thereof crude palm oil (CPO) was 3.192 million MT and RBD palm olein 1.633 million MT, the balance being crude palm kernel oil (CPKO).  Malaysia supplied 3.248 million MT, thereof 2.870 million was CPO, 0.293 million MT was RBD palm olein, and 0.085 million MT was CPKO.
Argentina was third major source of edible oil at 2.543 million MT, made up of crude soybean oil at 2.147 million MT and 0.395 million MT of crude sunflower oil. This was followed by Russia which supplied 2.004 million MT, of which 1.806 million MT was crude sunflower oil and 0.198 million MT was crude soybean oil; and Brazil which contributed 0.954 million MT consisting of 0.949 million MT crude soybean oil and the balance was crude sunflower oil.