India will import 3 million tons of sunflower oil in MY 2023/24

According to the results of the season-2023/24 (November 2023 – October 2024) India may import about 16 million tons of vegetable oils, including 3 million tons of unrefined sunflower oil. This forecast was announced in the national association of vegetable oil producers SEA (Solvent Extractors’ Association of India).

According to B.V. Mehta, executive director of the industry association, 1.35 million tons of sunflower oil has already been imported into the country since the beginning of the current agricultural year. The main suppliers, according to the expert, are Russia and Romania, followed by Argentina and Ukraine.

“Sunflower oil used to be always considered a premium product and was more expensive than soybean and palm oil. However, declining production in Indonesia and Malaysia has led to a supply crunch and a rise in palm oil prices,” Mehta told Oleoscope.

According to him, by April 5, crude palm oil prices at CIF India were at $1045 per tonne, while sunflower oil was cheaper and selling at $975 per tonne and soybean oil at $1025 per tonne.

“This has led to a shift in demand from palm oil to liquid oils, which is also evident from the fact that India imported a record amount of sunflower oil in the last 2 months, with 297,000 tons in February and a record 446,000 tons in March,” the SEA executive added.

Tags: imports, sunflower oil, India