Key Points
- Edible oil imports in India fell by 6% in the first 11 months of 2023-24.
- Total imports hit 145.35 lakh tonnes, down from 154.68 lakh tonnes last year.
- Palm oil imports dropped by 10%, affecting market trends.
- Soft oils like soybean and sunflower oil stayed pretty steady.
- Market ups and downs led to more cautious buying.
Looma News
India’s edible oil imports have taken a 6% hit over the last 11 months of the 2023-24 oil year. The Solvent Extractors’ Association of India (SEA) said the total imports were 145.35 lakh tonnes, down from 154.68 lakh tonnes the year before. But what’s causing this drop?
Palm Oil’s Downward Trend
The big reason seems to be a significant drop in palm oil imports, which went down by about 10%. BV Mehta, the Executive Director of SEA, mentioned that a lot of buyers are now looking at softer options like soybean and sunflower oils instead. This shift is mainly because palm oil prices have shot up compared to other oils.
Plus, there was a bit of hoarding of edible oils in July and August, which caused some backups at the ports. With the market being all over the place and prices bouncing around, it makes sense that buyers are being a bit more careful.
Soft Oils Holding Strong
Even with the overall drop, soft oil imports have stayed pretty stable. India brought in 63.66 lakh tonnes of soft oils, just a tiny dip from 63.87 lakh tonnes last year. This includes soybean oil and sunflower oil, which are still doing well in the market.
