Soybean and Sunflower Oils Boost India’s Edible Oil Imports

A notable rise in soybean oil and sunflower oil imports drove India to record a 13.03 percent increase in edible oil imports during the first two months of the 2024-25 oil year (November-October).

The Solvent Extractors’ Association of India (SEA) reported that India imported 2.72 million tonnes of edible oils in the first two months of the oil year, compared to 2.45 million tonnes during the same period last year.

BV Mehta, Executive Director of SEA, highlighted that palm oil's market share in India is declining, while soybean oil is gaining momentum.

Decline in Palm Oil Imports

Palm oil imports, including RBD palmolein and crude palm oil (CPO), fell to 1.34 million tonnes, a 23.89 percent drop compared to 1.76 million tonnes last year. Tightened export supplies prompted Indian consumers to turn to lower-priced South American soybean oil.

Soybean Oil Sees Remarkable Growth

Soybean oil imports rose sharply by 173.78 percent, reaching 828,000 tonnes, compared to 302,000 tonnes in the same period last year. Mehta explained that global soybean oil volumes have surged recently due to significant price discounts, which have driven increased demand for soybean oil in India.

Sunflower Oil Imports Increase

India imported 605,000 tonnes of sunflower oil during the first two months of the oil year, compared to 389,000 tonnes last year. This marked a substantial increase as consumers sought alternatives to palm oil.

The share of palm oil in India’s total edible oil imports fell to 48 percent, compared to 72 percent in the same period last year, while soft oils like soybean and sunflower rose to 52 percent from 28 percent.

Import Price Trends

In December, the CIF price for imported RBD palmolein rose to USD 1,236 per tonne, while crude palm oil increased to USD 1,270 per tonne. In contrast, crude soybean oil prices fell to USD 1,123 per tonne, and crude sunflower oil dropped to USD 1,206 per tonne.

Key Exporters to India

• Indonesia exported 416,000 tonnes of CPO and 377,000 tonnes of RBD palmolein.
• Malaysia exported 402,000 tonnes of CPO and 62,402 tonnes of RBD palmolein.
• Argentina supplied 611,000 tonnes of crude soybean oil, while Brazil and Russia contributed 82,421 tonnes and 81,339 tonnes, respectively.
• Russia exported 398,000 tonnes of crude sunflower oil, Ukraine shipped 149,000 tonnes, and Argentina sent 47,200 tonnes.

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