India's Vegetable Oil Imports Remain Steady Amid Shifts in Market Dynamics

India's vegetable oil imports held steady at 16.3 million tonnes for 2024-25, unchanged from the previous year. Soybean oil imports reached a record high, while palm oil imports decreased. Changes in import duties affected refined oils. Total stocks dropped slightly by November.

India's vegetable oil imports maintained a steady pace of 16.3 million tonnes in the marketing year 2024-25, consistent with the previous year's figures, according to the Solvent Extractors' Association of India (SEA).

Notably, soybean oil imports surged to a record 5.47 million tonnes, surpassing the previous high set in 2015-16, while palm oil imports experienced a noticeable decline to 7.58 million tonnes compared to the previous year's 9.02 million tonnes. This shift was attributed to increased soybean oil purchases, with soft oils comprising a larger share of imports, now accounting for 53 percent of the total.

In regulatory developments, the government widened the import duty gap between crude and refined oils, impacting refined palm oil imports. However, India remained active in importing refined soybean and sunflower oils from Nepal under a zero-duty agreement. Stocks were seen at 1.73 million tonnes as of November 1, SEA revealed.

(With inputs from agencies.)