Agrocorp International sees India's Oct edible oil imports up 36% on month
This story was originally published at 17:45 IST on 12 November 2024
Register to read our real-time news.Informist, Tuesday, Nov. 12, 2024
By Anjali Lavania
MUMBAI – India's edible oil imports in October are estimated to increase by around 36% on month to 1.42-1.46 million tonnes due to a surge in sunflower oil and palm oil imports, according to Agrocorp International's Head of Research Indrajit Paul.
India's palm oil imports in October are estimated to increase by nearly 60% from September to a three-month high of 840,000–850,000 tonnes. The increase is due to a push from refiners to rebuild stocks amid high festive demand, Paul told Informist. "Total palm oil imports for the oil-year 2023-24 season reached around 9.1 million tonnes, reflecting a 10% year-on-year decrease," he said.
In the soft-oils category, sunflower oil imports in October are seen surging 64% on month to 240,000–250,000 tonnes, Paul said. The increase is due to delayed shipments from September. In 2023-24, sunflower oil imports are estimated to have reached around 3.52 million tonnes, up 18%, Paul said.
Soyoil imports in October are estimated to have declined 9% on month to around 350,000 tonnes. Soybean oil imports for 2023-24 (Nov-Oct) reached around 3.45 million tonnes, down 11%, Paul said.
India's total edible oil imports during the oil year ended October are estimated at around 15.95 million tonnes, down 3.5% from 2022-23.
"Looking forward, market participants predict a further decline in India's vegetable oil imports to around 15 million tonnes in 2024-25 from 16 million tonnes in 2023-24," Paul said.
The Solvent Extractors' Association of India is scheduled to release data on edible oil imports in October by Nov. 15. India imports palm oil from Indonesia, Malaysia, and Thailand and imports soyoil and sunflower oil from Argentina, Brazil, Ukraine and Russia. End
Edited by Saji George Titus
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