India's Vegetable Oil Imports Surge in June Amid Higher Edible and Non-Edible Oil Imports

India's vegetable oil imports rose by 18% in June to 15.5 lakh tonnes, driven by higher imports of crude palm oil and sunflower oil. However, from November 2023 to June 2024, overall imports of vegetable oils fell by 2%. The data was released by the Solvent Extractors’ Association of India (SEA).

India saw a significant rise in the import of vegetable oils, with figures showing an 18% increase in June, reaching 15.5 lakh tonnes. This spike is mainly attributed to higher imports of crude palm oil and crude sunflower oil, according to data from the Solvent Extractors' Association of India (SEA).

The SEA data revealed that edible oil imports in June surged to 15,27,481 tonnes, up from 13,11,576 tonnes in the same month last year. Meanwhile, non-edible oil imports also jumped to 23,178 tonnes compared to 2,300 tonnes during the period under review.

Despite the monthly increase, the first eight months of the 2023-24 oil year ending in October saw a 2% decrease in overall vegetable oil imports, totaling 1,02,29,106 tonnes, compared to 1,04,83,120 tonnes in the corresponding period the previous year. Notably, palm oil imports dropped to 57,63,367 tonnes from 60,31,529 tonnes year-over-year. India continues to rely heavily on imports from Malaysia, Indonesia for palm oil, and Brazil, Argentina for soybean oil.

(With inputs from agencies.)