India s vegetable oils import fell 13% YoY to 9.75 lakh tonne. Solvent Extractors Association of India stated that edible oils and non-edible oils imports decreased. Palm oil availability declined due to diverting it for biodiesel production.
Over half of India’s domestic demand for edible oil is met through imports. The imports would only increase if no drastic measures are taken by the government soon.
India Palm Oil Imports: India s palm oil imports surged 22% in November, reaching 867,000 metric tons, the highest in three months. The increase is attributed to steep discounts compared to soyoil and sunflower oil, prompting refiners to switch to palm oil. The move could help lower palm oil stocks in top producers Indonesia and Malaysia.
"The Indian edible oil Industry, with a size of Rs 3 lakh crore (USD 35 billion), holds significant importance. Over the last 12 years, Indonesia and Malaysia have imposed higher export taxes on Crude Palm Oil (CPO) compared to refined Oil to protect their refining industry. This has made refined oil cheaper, rendering Indian capacity redundant and unutilized," Solvent Extractors Association of India (SEA) President Ajay Jhunjhunwala said.