Palm Oil Imports
India's Dec palm oil imports at 9-month low of 500,000 tn, says GGN Research
This story was originally published at 18:55 IST on 3 January 2025
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By Anjali Lavania
MUMBAI – India's palm oil imports plunged to a nine-month low of 500,000 tonnes in December, according to estimates by GGN Research accessed by Informist. In November, the country's palm oil imports were 842,000 tonnes and in December last year at 894,000 tonnes.
"Palm oil imports have decreased because of high prices and negative margins, and high prices are leading to less demand," Rajesh G. Patel, managing partner of GGN Research, said.
Sunflower oil imports are estimated to have fallen 22% on-month to 265,000 tonnes in December, the data showed. However, the imports are up 2% on year. In December last year, sunflower oil imports were 261,000 tonnes, according to the data. "Sunflower oil was a little costlier compared to soyoil, so its imports decreased," Rajesh G. Patel, managing partner of GGN Research, said.
On the other hand, soyoil imports rose to a four-month high of 421,000 tonnes in December, up 3% from November and a whopping 175% from the same month last year. "Soyoil being the cheapest, is doing well right now," Patel said.
As on Jan. 1, more vessels were set to arrive in the next few days, carrying 350,000 tonnes of edible oil. Of this total, 38,000 tonnes is palm oil, 200,000 tonnes is soyoil, and 112,000 tonnes is sunflower oil, the report said.
India's edible oil imports are estimated to have fallen 25% on month to 1.18 million tonnes in December because of fall in imports of palm oil and sunflower oil, according to the data. India's edible oil imports were 1.59 million tonnes in November and 1.31 million tonnes in December last year.
January palm oil, sunflower oil and soyoil shipments are at $1,180 per tonne, $1,160 per tonne and $1,069 per tonne respectively as quoted by sellers as of Friday, including cost, insurance and freight, Patel said.
The Solvent Extractors' Association of India is scheduled to release data on imports of edible oil for December by Jan. 15. India imports palm oil from Indonesia, Malaysia, and Thailand, and imports soyoil and sunflower oil from Argentina, Brazil, Ukraine and Russia. End
US$1 = INR 85.77
Edited by Ashish Shirke
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