India’s edible oil imports declined by 3.09% in the 2023-24 oil marketing year, reaching 159.6 lakh metric tons, according to the Solvent Extractors Association of India (SEA). The dip, compared to 164.7 lakh tons in the previous year, is attributed to increased domestic oilseed production and reduced demand due to rising prices.
SEA’s data showed a mixed trend within the oil categories. While crude palm oil imports decreased to 69.70 lakh tons (from 75.88 lakh tons last year) and RBD palmolein dropped to 19.31 lakh tons (from 21.07 lakh tons), sunflower oil imports saw a notable increase to 35.06 lakh tons, up from 30.01 lakh tons. Soybean oil imports saw a marginal decline to 34.41 lakh metric tons.
The decline in edible oil imports has also impacted total import expenditure, with the value decreasing slightly to Rs 1,31,967 crore from Rs 1,38,424 crore last year. “International price firming contributed to the domestic price rise, which led to a slight reduction in import demand,” SEA stated.
India, the world’s largest importer of edible oils, continues to rely on Indonesia and Malaysia as its primary suppliers of palm oil. As of November 1, the nation’s edible oil stock is estimated at 24.08 lakh metric tons at various ports.
Over the past five years, the share of refined oil imports has grown from 3% to 12%, while crude oil imports have declined from 97% to 88%.