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Business Recorder
12-08-2025
- Business
- Business Recorder
India's soyoil imports set for record high, palm oil at five-year low
MUMBAI: India's soyoil imports are poised to surge 60% year-on-year to a record high in 2024/25, as refiners boost purchases due to cheaper prices compared with rival palm oil, shipments of which are set to hit a five-year low, six dealers told Reuters. Higher soyoil purchases by India, the world's biggest importer of vegetable oils, will support global soyoil prices , which have risen 31% so far this year, but weigh on benchmark Malaysian palm oil futures. In the 2024/25 marketing year ending in October, soyoil imports are likely to jump to 5.5 million metric tons, from 3.44 million tons a year ago, according to estimates from dealers. Palm oil imports in the year, meanwhile, are likely to fall 13.5% from a year ago to 7.8 million metric tons, the lowest since 2019/20, dealers said. Sunflower oil imports could fall 20% to 2.8 million tons, the lowest in three years, they said. Higher soyoil imports will lift India's total edible oil imports in the year by 1% to 16.1 million tons, dealers estimated. Palm oil traded at a premium for many months this year, which prompted buyers to replace it with soyoil, said B.V. Mehta, executive director of the Solvent Extractors' Association of India. 'Soyoil was cheap and plenty in stock, so it ended up grabbing palm oil's market share,' he said. India's July palm oil imports drop as soyoil shipments surge, dealers say Crude palm oil was commanding a premium of as high as $150 per ton over crude soyoil earlier this year due to tight supplies of the tropical oil in producer countries Malaysia and Indonesia. Indian consumers are price-sensitive and had relied on palm oil because it was cheap. But its price rally prompted even large industrial buyers to look for alternatives, said Aashish Acharya, vice president at Patanjali Foods Ltd, a leading importer of edible oils. While soyoil was initially being bought as a substitute for palm oil, it is now also replacing rapeseed oil, which has become more expensive due to a price rally in the past two months, said a Mumbai-based dealer with a global trade house. India buys palm oil mainly from Indonesia and Malaysia, while it typically imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine. This year, however, India is likely to buy more than 600,000 tons of soyoil from Nepal, a New Delhi-based dealer said. Soyoil shipments from Nepal are tax-free under the South Asian Free Trade Agreement, which is encouraging buyers from eastern India to source soyoil from the Himalayan country, he added.
Economic Times
12-08-2025
- Business
- Economic Times
India's soyoil imports set for record high, palm oil at five-year low
Synopsis India's soyoil imports are projected to surge by 60% in 2024/25, reaching a record high due to its competitive pricing compared to palm oil. This shift is expected to decrease palm oil imports to a five-year low and impact global vegetable oil markets. Refiners are capitalizing on cheaper soyoil, even sourcing from Nepal to leverage tax benefits. India's soyoil imports are poised to surge 60% year-on-year to a record high in 2024/25, as refiners boost purchases due to cheaper prices compared with rival palm oil, shipments of which are set to hit a five-year low, six dealers told Reuters. Higher soyoil purchases by India, the world's biggest importer of vegetable oils, will support global soyoil prices , which have risen 31% so far this year, but weigh on benchmark Malaysian palm oil futures. In the 2024/25 marketing year ending in October, soyoil imports are likely to jump to 5.5 million metric tons, from 3.44 million tons a year ago, according to estimates from dealers. Palm oil imports in the year, meanwhile, are likely to fall 13.5% from a year ago to 7.8 million metric tons, the lowest since 2019/20, dealers said. Sunflower oil imports could fall 20% to 2.8 million tons, the lowest in three years, they said. Higher soyoil imports will lift India's total edible oil imports in the year by 1% to 16.1 million tons, dealers estimated. Palm oil traded at a premium for many months this year, which prompted buyers to replace it with soyoil, said B.V. Mehta, executive director of the Solvent Extractors' Association of India. "Soyoil was cheap and plenty in stock, so it ended up grabbing palm oil's market share," he said. Crude palm oil was commanding a premium of as high as $150 per ton over crude soyoil earlier this year due to tight supplies of the tropical oil in producer countries Malaysia and Indonesia. Indian consumers are price-sensitive and had relied on palm oil because it was cheap. But its price rally prompted even large industrial buyers to look for alternatives, said Aashish Acharya, vice president at Patanjali Foods Ltd, a leading importer of edible oils. While soyoil was initially being bought as a substitute for palm oil, it is now also replacing rapeseed oil, which has become more expensive due to a price rally in the past two months, said a Mumbai-based dealer with a global trade house. India buys palm oil mainly from Indonesia and Malaysia, while it typically imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine. This year, however, India is likely to buy more than 600,000 tons of soyoil from Nepal, a New Delhi-based dealer said. Soyoil shipments from Nepal are tax-free under the South Asian Free Trade Agreement, which is encouraging buyers from eastern India to source soyoil from the Himalayan country, he added.
Time of India
12-08-2025
- Business
- Time of India
India's soyoil imports set for record high, palm oil at five-year low
India's soyoil imports are projected to surge by 60% in 2024/25, reaching a record high due to its competitive pricing compared to palm oil. This shift is expected to decrease palm oil imports to a five-year low and impact global vegetable oil markets. Refiners are capitalizing on cheaper soyoil, even sourcing from Nepal to leverage tax benefits. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India's soyoil imports are poised to surge 60% year-on-year to a record high in 2024/25, as refiners boost purchases due to cheaper prices compared with rival palm oil, shipments of which are set to hit a five-year low, six dealers told soyoil purchases by India, the world's biggest importer of vegetable oils, will support global soyoil prices , which have risen 31% so far this year, but weigh on benchmark Malaysian palm oil the 2024/25 marketing year ending in October, soyoil imports are likely to jump to 5.5 million metric tons, from 3.44 million tons a year ago, according to estimates from oil imports in the year, meanwhile, are likely to fall 13.5% from a year ago to 7.8 million metric tons, the lowest since 2019/20, dealers said. Sunflower oil imports could fall 20% to 2.8 million tons, the lowest in three years, they soyoil imports will lift India's total edible oil imports in the year by 1% to 16.1 million tons, dealers oil traded at a premium for many months this year, which prompted buyers to replace it with soyoil, said B.V. Mehta, executive director of the Solvent Extractors' Association of India."Soyoil was cheap and plenty in stock, so it ended up grabbing palm oil's market share," he said. Crude palm oil was commanding a premium of as high as $150 per ton over crude soyoil earlier this year due to tight supplies of the tropical oil in producer countries Malaysia and consumers are price-sensitive and had relied on palm oil because it was cheap. But its price rally prompted even large industrial buyers to look for alternatives, said Aashish Acharya, vice president at Patanjali Foods Ltd , a leading importer of edible soyoil was initially being bought as a substitute for palm oil, it is now also replacing rapeseed oil, which has become more expensive due to a price rally in the past two months, said a Mumbai-based dealer with a global trade buys palm oil mainly from Indonesia and Malaysia, while it typically imports soyoil and sunflower oil from Argentina, Brazil, Russia and year, however, India is likely to buy more than 600,000 tons of soyoil from Nepal, a New Delhi-based dealer shipments from Nepal are tax-free under the South Asian Free Trade Agreement, which is encouraging buyers from eastern India to source soyoil from the Himalayan country, he added.
News18
19-05-2025
- Business
- News18
India's Port Curbs On Bangladesh Garments To Boost Indian Textiles Business By Rs 2,000 Crore
Last Updated: India's latest move to restrict garment imports from Bangladesh via land routes is expected to boost the domestic textile industry India's latest move to restrict garment imports from Bangladesh via land routes is expected to boost the domestic textile industry, creating a potential opportunity of more than Rs 1,000 crore. The decision, aimed at curbing the indirect influx of Chinese fabric and supporting local production, may temporarily disrupt apparel supply chains and slightly increase consumer prices during the winter season. The Directorate General of Foreign Trade (DGFT) issued a notification barring imports of garments and related products through land ports, while still permitting entry via Kolkata and Nhava Sheva seaports. This action addresses rising concerns about the duty-free inflow of garments from Bangladesh, which has been exploiting India's zero-duty policy under the South Asian Free Trade Agreement (SAFTA). According to Rakesh Mehra, Chairman of the Confederation of Indian Textile Industry (CITI), the decision comes in response to Bangladesh's earlier move in April 2025 to restrict cotton yarn imports from India—a product that makes up nearly 45% of India's total cotton yarn exports. He noted that this strategic step would not only curb backdoor entries but also help Indian exporters redirect their yarn to local apparel makers. However, industry players expect some short-term disruptions for Indian and global apparel brands operating in the country. Popular items like T-shirts and jeans could see a price rise of 2–3% during the upcoming winter season due to supply chain realignments. First Published: May 19, 2025, 13:00 IST
Business Recorder
04-05-2025
- Business
- Business Recorder
India's April palm oil imports drop, remain below normal levels
MUMBAI: India's palm oil imports in April fell by nearly a quarter from the previous month, marking the fifth consecutive month below normal levels, as the tropical oil's premium over rival soyoil led to higher soyoil purchases, according to five dealers. Lower-than-normal palm oil imports by India, the world's biggest buyer of vegetable oils, could pressure Malaysian palm oil prices and support US soyoil futures. Palm oil imports in April fell 24% month-on-month to 322,000 metric tons, according to estimates from dealers. India imported an average of more than 750,000 tons of palm oil each month during the marketing year that ended in October 2024, said the Solvent Extractors' Association of India, which is set to publish its April import data by mid-May. Palm oil prices have been elevated due to tight supplies, which encouraged price-sensitive buyers to increase soyoil purchases, said Sandeep Bajoria, CEO of Sunvin Group, a vegetable oil brokerage. Traders have been opting for lower-priced soyoil for the past several months, and imports increased again in April, rising 2% month-on-month to 363,000 tons, dealers said. Sunflower oil imports, meanwhile, fell nearly 6% to 180,000 metric tons, the lowest in seven months. Lower imports of palm oil and sunflower oil lowered India's total edible oil imports in April to 865,000 tons, marking an 11% drop from the prior month, according to dealers' estimates. Palm oil, however, has now started trading at a discount to soyoil, which is encouraging Indian buyers to increase palm oil purchases for shipments from May onwards, said Rajesh Patel, managing partner at GGN Research, an edible oil trader. India buys palm oil mainly from Indonesia and Malaysia, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine. Nepal's edible oil imports were 85,000 tons in April, down from 135,000 tons in March, GGN Research estimated. More than half of Nepal's imports are ultimately destined for re-export to the Indian market as refined products since goods from the Himalayan country are tax-free under the South Asian Free Trade Agreement (SAFTA), Patel said.
