India's import of edible oils is forecasted to decline by 25% to 11.90 lakh tonnes in December 2024, marking the lowest level in three months. This drop is primarily driven by significant reductions in the import of palm oil and sunflower oil, while soybean oil imports are expected to see a slight increase.

• Palm Oil: Imports are anticipated to fall by 40% to 5.03 lakh tonnes, the lowest in nine months. This decline is attributed to a rise in palm oil prices in exporting countries, making soybean oil more attractive due to its relatively lower cost.
• Sunflower Oil: The import of sunflower oil is expected to decrease by 22% to 2.65 lakh tonnes.
• Soybean Oil: On the other hand, soybean oil imports are expected to rise by 3% to 4.20 lakh tonnes, reaching the highest level in the last four months.

The increase in soybean oil imports is driven by the higher prices of palm oil in major exporting countries like Indonesia and Malaysia, which have led to Indian importers seeking more affordable alternatives. The price difference between palm oil and soybean oil has been widening, with palm oil currently priced over $100 per tonne higher than soybean oil. This trend may influence further reductions in palm oil imports, including in January 2025.

This data comes from industry analysts and traders. The Solvent Extractors Association of India (SIA) is expected to release a detailed report on December's imports in mid-January 2025.