India's Vegetable Oil Imports Plummet by 28% in January, Stock Levels Drop

Palm Oil (CPO)

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The Solvent Extractors Association of India (SEA) reported a significant decrease in vegetable oil imports, indicating a 28% decline to 1.2 million tonnes in January compared to the same period last year. This marks a decrease from 1.661 million tonnes imported in January 2023. Total imports for the November-January quarter of the current oil year also decreased by 23%, reaching 3.67 million tonnes compared to 4.773 million tonnes in the previous year's corresponding quarter. SEA further specified that out of the total vegetable oils imported in January, 782,983 tonnes consisted of palm oil and 408,938 tonnes of soft oil. Additionally, the statement revealed that as of February 1, the total stock of edible oils was 2.649 million tonnes, exhibiting a 7.64% decrease from the stock during the same period last year. In January, soy oil imports totaled 188,359 tonnes, slightly decreasing by 2.94% compared to December's imports of 190,000 tonnes. Conversely, sun oil imports amounted to 220,079 tonnes, marking a 15% decline from December's sun oil imports.