India's Vegetable Oil Imports Facing Significant Decline

India's vegetable oil imports fell 32% in April, affected by reduced demand for palm oil and increased mustard crushing. For the first half of the 2024-25 oil year, imports decreased. Palm, sunflower, and soybean oil imports all declined, shifting the share towards soft oils.

In a significant shift, India's vegetable oil imports plummeted by 32% to 8.91 lakh tonnes in April compared to the same month last year, as reported by the Solvent Extractors Association (SEA).

A fall in palm and refined oils contributed to the decline, influenced by the depressed demand for palm oil and an uptick in domestic mustard crushing.

For the first half of the 2024-25 oil year, imports totaled 65.02 lakh tonnes. Notably, palm oil imports decreased by 53%, while soft oils like soybean and sunflower showed varied declines but proportionally increased to 58% in the import mix.

(With inputs from agencies.)