New Delhi: India’s edible oil imports in February plunged to their lowest level in four years. This decline was due to a fall in soyoil and sunflower oil imports. Meanwhile, palm oil imports improved from their lowest level in nearly 14 years in January.
Palm oil imports rose 36% in February from the previous month to 374,000 metric tons after falling to their lowest level since March 2011 in January. India imported an average of more than 750,000 tons of palm oil every month in the marketing year that ended in October 2024.
Soyoil imports in February plunged 36% from a month earlier to 284,000 metric tons, the lowest in eight months, while sunflower oil imports fell 22% to 226,000 metric tons, the lowest in five months.
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Lower shipments of soyoil and sunflower oil brought down the country’s total edible oil imports in February by 12% to 884,000 tons, the lowest since February 2021. Lower February imports have brought down edible oil stocks in India by 26% from a month ago to 1.6 million tons on March 1, the lowest in more than 4-years.
India buys palm oil mainly from Indonesia, Malaysia and Thailand, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine.
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