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Palm oil imports reach 14-year low due to higher prices: Federation
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Friday, 21 February, 2025, 08 : 00 AM [IST]
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Ashwani Maindola, New Delhi
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The All India Edible Oil Traders Federation has said that India's palm oil imports in January have reached a 14-year low, as the imports have fallen drastically due to higher prices than competing oils in the international market.
Shankar Thakkar, president of the Federation, has said that palm oil imports in January fell 46% from the previous month to 272,000 metric tons, the lowest since March 2011.
India has imported an average of more than 750,000 tons of palm oil each month in the marketing year ending in October 2024.
However, soyoil imports in January rose 4% from a month earlier to 438,000 metric tons, the highest in seven months, while sunflower oil imports rose 9.5% to 290,000 metric tons.
The country's total edible oil imports in January fell 15.6% to 1 million tons, the lowest in 11 months, due to lower shipments of palm oil.
Thakkar said that if prices remain high, this trend may continue in coming
months.
"Palm oil traditionally accounts for more than half of India's total edible oil imports, but for the first time in more than a decade, its share has fallen below 30%," said Thakkar.
India buys palm oil mainly from Indonesia, Malaysia and Thailand, while importing soy oil from Argentina, Brazil and sunflower oil from Russia and Ukraine.
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