India’s Edible Oil Imports Hit 4-Year Low Amid Falling Soy Oil and Sunflower Oil Shipments
India’s edible oil imports in February declined drastically to a four year low, mainly because of lower soy oil and sunflower oil imports. The volume of edible oil imports fell 12% to 884,000 metric tons, the lowest since February 2021 based on dealer estimates. Soyoil imports declined drastically by 36% falling to 284,000 metric tons, the lowest in eight months. The imports of sunflower oil also dropped by 22% to 226,000 metric tons, the lowest in the last five months.
The sharp decline in soy oil and sunflower oil imports was balanced by a 36% rise in palm oil imports, which grew to 374,000 metric tons. This was a rebound after a sudden fall in January when palm oil imports saw their lowest level since March 2011.
The decline in edible oil imports has run down inventories in India, which are now only 1.6 million tons as of March 1, 26% fall from the last month. With inventories at their lowest level in more than four years, dealers indicate that India could raise its edible oil imports in the next few months, which would push up world prices, especially for Malaysian palm oil and U.S. soyoil futures.
India, the largest importer of edible oils in the world, imports palm oil predominantly from Indonesia, Malaysia and Thailand, while soy oil and sunflower oil are imported from Argentina, Brazil, Russia and Ukraine.
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