India’s edible oil imports fell by 3.09% to 159.6 lakh tonnes in 2023-24, driven by higher domestic oilseeds production and reduced demand amid rising prices, as reported by the SEA.

In value terms, India’s edible oil imports dropped to Rs 1,31,967 crore in 2023-24 from Rs 1,38,424 crore in the previous year.

Higher international prices and rising domestic prices contributed to the reduced import levels.

Crude palm oil imports fell to 69.70 lakh tonnes from 75.88 lakh tonnes, while RBD palmolein shipments decreased to 19.31 lakh tonnes from 21.07 lakh tonnes.

Soyabean oil imports slightly dropped to 34.41 lakh tonnes from 35.06 lakh tonnes, while sunflower oil imports increased to 35.06 lakh tonnes from 30.01 lakh tonnes.

The share of refined oil in India’s edible oil imports has increased from 3% to 12% over the past five years.

The share of crude oil imports has decreased to 88% from 97% during the same period.

As of 1st November, the estimated edible oil stock at various ports stands at 24.08 lakh tonnes.

Indonesia and Malaysia are the main suppliers of RBD Palmolein and crude palm oil (CPO) to India.

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