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Informist, Friday, Jan. 3, 2025

 

By Anjali Lavania

 

MUMBAI – India's edible oil imports are estimated to have fallen to 1.31 million tonnes in December on lower imports of palm oil and sunflower oil, according to Sunvin Group. India imported around 1.63 million tonnes of edible oil in November. India's edible oil import basket comprises crude palm oil, soyoil, and sunflower oil.

 

India imported oil in abundance in November, so stocks are reasonable all over the country, Sunvin Group Chief Executive Officer Sandeep Bajoria told Informist.

 

Crude palm oil imports in December are estimated to have fallen 31.3% from a month ago to 567,535 tonnes, according to Sunvin Group. "Palm is the costliest oil around as of now," Bajoria said. Imports of palm oil in December are at a reasonable level, Bajoria said, adding that shipments in January are likely to fall to around 350,000 tonnes. 

 

India's crude sunflower oil imports are estimated to have fallen 28% on month to 256,927 tonnes in December. Sunflower imports in January are seen even lower at around 220,000 tonnes, Bajoria said. 

 

However, crude soyoil imports are estimated to have risen 42.4% on month to 483,773 tonnes in December. "Crude soyoil imports will be around 500,000 tonnes in January as it is the cheapest oil right now," he said. Hence, India is buying a lot of soyoil, he said.

 

Palm oil has been at a premium over soyoil, which may lead to lower imports of palm oil in January, Bajoria said. Usually, palm oil is at a discount to other oils, but falling stocks are lifting its prices. However, in the last three days, palm oil has come down by $100 per tonne and is trying to find some demand, Bajoria said. 

 

Production of crude palm oil in Malaysia fell 9.8% on month to 1.62 million tonnes in November, according to preliminary data from the Malaysian Palm Oil Board.

 

The Solvent Extractors' Association of India is scheduled to release data on the import of edible oils in December by Jan. 15. India imports palm oil from Indonesia, Malaysia and Thailand and soyoil and sunflower oil from Argentina, Brazil, Ukraine and Russia. End

 

Edited by Saji George Titus

 

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