India purchased the least amount of edible oils in four years during February 2023 reports The Economic Times because of significant cuts in soy and sunflower oil purchases. In March 2022 India purchased 884,000 metric tons of edible oil despite a 12% drop from previous year buying habits. According to data, this represents the least edible oil imports India brought in since 2021 during February.
Palm oil imports rebounded up by 36% for February because they reached their lowest level since March 2011 before the current month. The amount of imported edible oils remains significantly lower than the 750,000-ton average of previous marketing seasons during October 2024. This data is provided by the Solvent Extractors’ Association of India. Imports of soyoil fell by 36% down to 284,000 metric tons registering an eight-month low. Additionally, the intake of sunflower oil decreased by 22% hitting 226,000 metric tons marking the lowest figures in the past five months.
The lower imports have decreased India’s edible oil reserves by 26% since February to 1.6 million tons which is the least since April 2018. Many industry analysts point to rising oil costs abroad and the growing production of Indian edible oils as the main causes for decreased imports.
Rajesh Patel of GGN Research believes India will start increasing its imports of vegetable oils starting next month. Worldwide purchases from India will boost Malaysian palm oil markets and strengthen U.S. soy oil futures prices during the next few months.
