India's Edible Oil Imports Decline 9.2% in January; Soy Oil Surge Offset by Palm Oil and Sunflower Oil Slump

Palm Oil (CPO)

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Reports indicate that in January, palm oil imports decreased by 12% from the previous month to 787,000 metric tons, while crude palm oil imports saw a 16% decline to 541,000 tons during the same period, as noted by dealers. Conversely, soy oil experienced a surge of 24%, reaching 190,000 metric tons. Nevertheless, this figure remained significantly lower than the monthly average of 306,000 metric tons.

Dealers foresee a notable increase in soy oil imports in the upcoming months due to its reduced premium compared to palm oil and sunflower oil, making it competitively priced. Sunflower oil imports in January decreased by 19% to 211,000 tons due to escalated freight rates following Houthi attacks on Red Sea shipping, according to dealers. In conclusion, dealers noted a 9.2% drop in India's total edible oil imports from the previous month, amounting to 1.19 million tons, primarily influenced by reduced imports of palm oil and sunflower oil.