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India’s hand oil imports went down greatly in December as less costly soybean oil from South America acquired market share
Palm oil’s market share was up to 42 percent in December 2024, while fine-tuned oils, consisting of soybean and sunflower oil, recorded 58 percent of imports. (Representative photo)
India’s hand oil imports went down greatly in December as less costly soybean oil from South America acquired market share in the globe’s biggest edible oil importing country, sector information revealed on Tuesday.
Soybean oil imports greater than increased to 420,000 tonnes in December 2024 from 152,650 tonnes a year previously, according to the Solvent Extractors’ Association of India (SEA).
The change comes as Malaysian hand oil export materials tightened up, motivating customers to switch over to even more competitively valued South American soybean oil, SEA Executive Director B V Mehta claimed.
“Large rate discount rates are driving fast absorption of excess soybean oil while alleviating hand oil rigidity,” Mehta said.
Palm oil’s market share fell to 42 per cent in December 2024, while refined oils, including soybean and sunflower oil, captured 58 per cent of imports.
Crude palm oil imports plunged 47.32 per cent to 3,26,587 tonnes from 6,20,020 tonnes a year ago. RBD palmolein imports decreased 25.16 per cent to 1,65,290 tonnes, while crude palm kernel oil imports fell to 8,298 tonnes from 22,500 tonnes.
Sunflower oil imports saw a modest increase to 264,836 tonnes from 2,60,850 tonnes in December 2023.
Total vegetable oil imports declined slightly to 1.23 million tonnes in December 2024 from 1.31 million tonnes a year earlier.
Indonesia and Malaysia remain the primary suppliers of palm oil to India, while soybean oil is mainly sourced from Argentina, Brazil, and Russia. India imports crude sunflower oil primarily from Russia, Ukraine, and Argentina.
(This tale has actually not been modified by News18 personnel and is released from a syndicated information company feed – PTI)
