India’s Soyoil Imports to Hit Record High in 2024–25, Palm Oil at Five-Year Low

India, the world’s largest importer of vegetable oils, is set to witness a record surge in soyoil imports in the 2024–25 marketing year, driven by competitive pricing compared to palm oil. According to dealer estimates, this shift will result in palm oil imports hitting their lowest level in five years and impact global vegetable oil markets.

Soyoil Imports: Record High

• 2024–25 Estimate: 5.5 million metric tonnes.
• 2023–24 Actual: 3.44 million tonnes.
• Year-on-Year Growth: +60%.
• Reason: Lower prices compared to palm oil, making soyoil a more attractive choice for refiners.
• Additional Source: Imports from Nepal leveraged for tax benefits.

Palm Oil Imports: Five-Year Low

• 2024–25 Estimate: 7.8 million tonnes.
• Change from 2023–24: –13.5%.
• Lowest Since: 2019–20.
• Impact: Reduced demand expected to weigh on Malaysian palm oil futures.

Other Edible Oils

• Sunflower Oil Imports: Expected to fall 20% to 2.8 million tonnes, the lowest in three years.

Overall Edible Oil Import Trends

1. Total Imports 2024–25: 16.1 million tonnes.
2. Change from 2023–24: +1% increase.

Market Impact

• Higher soyoil demand expected to support global soyoil prices (already up 31% in 2025).
• Declining palm oil demand could pressure global palm oil benchmarks.