India's Edible Oil Imports Decline Amid Rising Domestic Production

India's edible oil imports fell by 3.09% to 159.6 lakh tonnes in 2023-24 due to increased domestic oilseed production and lower demand linked to rising prices. Imports were valued at Rs 1,31,967 crore, with palm and soyabean oil imports decreasing while sunflower oil imports rose slightly.

In a notable shift, India's edible oil imports saw a 3.09% decline in the 2023-24 oil marketing year, reaching 159.6 lakh tonnes, according to data from industry body SEA.

This reduction is attributed to increased domestic oilseed production and a drop in demand as international prices push up domestic rates, impacting import levels.

Despite being the world's largest importer, the financial outlay for these imports slightly decreased to Rs 1,31,967 crore from Rs 1,38,424 crore year-on-year, with variations in the import volumes of palm, soyabean, and sunflower oils.

(With inputs from agencies.)