India will reduce the import of vegetable oils by 5% in the current season

According to the forecast of the Indian Vegetable Oil Producers' Association (IVPA), in 2023/24, India will reduce the import of vegetable oils by 5% compared to the previous season, from 17.06 to 16.2 million tons.

At the same time, the share of palm oil in the total volume of imports may decrease from 60% in the 2022/23 financial year to 54%, or even to 50% in the current season due to changes in the price situation.

According to experts' forecasts, crude palm oil prices will be $900-940/t CIF in April-June of this year, and $840-900/t CIF in July-September. April-September soybean oil prices will range between $900-960/t CIF, while April-June sunflower oil will cost $890-940/t CIF and July-September - $900-950/t CIF.

Therefore, in April - September 2024, India will intensify the import of soybean oil against the background of competitive prices for it.