Soyoil Boom: India's Shift in Edible Oil Imports

India's palm oil imports fell in July due to canceled contracts, while soyoil reached a three-year high from competitive pricing. This shift affects global markets, possibly leading to stock surplus in Indonesia and Malaysia. Indian soyoil demand is expected to surge further by 2024/25.

India's palm oil imports significantly declined in July after facing import contract cancellations, according to a leading trade body. Meanwhile, soyoil shipments surged to a three-year peak, driven by competitive pricing and the delayed delivery of June consignments.

Statistics reveal a 10.5% drop in palm oil imports to 855,695 metric tons, compared to June. In contrast, soyoil imports leaped by 36.9% to 492,336 tons, marking the highest level in three years. Sunflower oil imports decreased by 7.5%, totaling 200,010 tons.

Experts anticipate that palm oil imports may increase in August as refiners stock up for the festival season. Meanwhile, soyoil continues to replace rapeseed oil due to its price competitiveness. The shift highlights India's evolving market demands impacting global vegetable oil producers.

(With inputs from agencies.)