Representational Pic
India's edible oil imports saw a significant rise in November 2024, climbing 38.5 per cent to 15.9 lakh tonnes, primarily driven by a sharp increase in shipments of crude sunflower oil and crude soyabean oil, as per industry data released by the Solvent Extractors' Association of India (SEA). This surge marked the first month of the 2024-25 oil marketing year.
According to the data, the total import of vegetable oils, including both edible and non-edible oils, rose 40 per cent in November, reaching 16.28 lakh tonnes compared to 11.61 lakh tonnes in the same month last year. Of this, 15.90 lakh tonnes were edible oils, up from 11.48 lakh tonnes in November 2023. Non-edible oil imports also witnessed a sharp increase, rising to 37,341 tonnes from 12,498 tonnes in November 2023.
In the edible oil category, the import of RBD palmolein saw a notable increase, rising to 2.84 lakh tonnes from 1.71 lakh tonnes in the previous year. The import of crude sunflower oil saw the most dramatic increase, jumping to 3.41 lakh tonnes from 1.29 lakh tonnes, while crude soyabean oil shipments surged to 4.08 lakh tonnes, up from 1.50 lakh tonnes in the same period last year.
However, imports of crude palm oil, which is a significant part of India's oil consumption, declined to 5.47 lakh tonnes in November 2024, compared to 6.92 lakh tonnes in the previous year. Overall palm oil imports, including both crude and refined, also declined slightly to 8.42 lakh tonnes from 8.69 lakh tonnes in November 2023. Meanwhile, imports of soft oils, including soyabean and sunflower oils, increased substantially to 7.48 lakh tonnes, up from 2.78 lakh tonnes last year.
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The data highlights a significant shift in India's edible oil import patterns. While palm oil, traditionally the dominant import, now accounts for only 53 per cent of total edible oil imports, soft oils, which include sunflower and soyabean oils, now make up 47 per cent, compared to just 24 per cent a year ago.
Indonesia and Malaysia remain the primary suppliers of RBD palmolein and crude palm oil to India, while soyabean oil mainly comes from Argentina, Brazil, and Russia, and sunflower oil is largely sourced from Russia, Ukraine, and Argentina, according to the SEA data.
As per PTI, these trends indicate a growing demand for soft oils in India, reflecting changing consumer preferences and market dynamics in the edible oil sector.
