In November 2024, India’s edible oil imports saw a significant increase, reaching a four-month high. This surge was driven by refiners’ efforts to replenish stocks that had been depleted during the festive season, which saw a spike in demand. India, being the largest importer of edible oils globally, saw notable rises in imports across various types of oils.

• Palm oil imports increased by 0.5%, reaching 850,000 tonnes.
• Soybean oil imports saw a 20% rise, reaching 410,000 tonnes, marking the highest level in three months.
• Sunflower oil imports surged by 43%, reaching 341,000 tonnes, the highest in four months.

As a result of these increases, total edible oil imports were projected to rise by 12%, reaching nearly 1.6 million tonnes in November 2024. This uptick was particularly important for meeting the demand in southern states, where stocks had dwindled due to lower imports in September and October. The strong festive demand and high prices of edible oils encouraged refiners to boost their imports, even as the government had already imposed a 20% import duty on edible oils.

This data is based on estimates from industry analysts, with the official figures from the Solvent Extractors Association of India (SIA) expected to be released in mid-December.