India Boosts Palm and Soybean Oil Imports in April, Sunflower Purchases Decline

India Boosts Palm and Soybean Oil Imports in April, Sunflower Purchases Decline

Mintec Global
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Surge in Palm and Soybean Oil Imports

In April, India witnessed a significant uptick in imports of palm and soybean oil, as reported by the Association of Oil Producers SEA. Palm oil imports surged by 40.9% compared to March, reaching a three-month high of 684,094 thousand tons, while soy oil imports increased by 76.4% to 385,514 thousand tons. The total import of edible oils in April grew by 13% to 1.3 million tons.

Unicaps Sunflower seeds

Reduction in Sunflower Oil Purchases

Contrastingly, India reduced its import of sunflower oil by 47.3%, totaling 234,801 thousand tons in April. This decline in sunflower oil purchases marks a notable shift in India’s import preferences for edible oils.

Price Trends and Market Dynamics

Recent reports from Reuters indicate that crude palm oil (CRO) for June delivery is priced at $920/t CIF, with soybean oil also priced at $920/t, and sunflower oil at $945/t. These price points reflect ongoing market dynamics and influence purchasing decisions.

India predominantly sources palm oil from Indonesia, Malaysia, and Thailand, while soybean and sunflower oil imports primarily originate from Argentina, Brazil, Ukraine, and the Russian Federation.

The surge in palm and soybean oil imports in April reflects India’s ongoing efforts to meet domestic demand amid fluctuating market conditions. The reduction in sunflower oil purchases underscores shifting import trends influenced by factors such as pricing, availability, and geopolitical dynamics. Moving forward, market participants will closely monitor these factors to anticipate whether prices will rise, remain stable, or fall in the coming months.