India's palm oil imports hit four-month low as refiners favour cheaper soyoil
15/10/2025 (The Edge Malaysia) - India’s palm oil imports in September dropped to their lowest since May as refiners shifted to cheaper soyoil, shipments of which hit a more than three-year high, the Solvent Extractors' Association of India said on Wednesday.
Lower palm oil imports by India, the world's largest buyer of vegetable oils, are expected to weigh on the benchmark Malaysian palm oil futures while supporting US soyoil futures.
India's palm oil imports in September dropped 16.3% to 829,017 metric tonnes, marking their lowest point since May, the industry trade body said.
Imports of soyoil surged 36.8% to 503,240 tonnes, the highest level since July 2022, while sunflower oil imports rose about 6% to 272,386 tonnes, the highest since January, it added.
The decline in palm oil imports dragged India's total edible oil imports in September down by 1% month-on-month to 1.60 million tonnes, the trade body said.
India's palm oil imports are likely to fall to around 600,000 tonnes in October, while soyoil imports will likely exceed 450,000 tonnes, said a Mumbai-based dealer with a global trade house.
India buys palm oil mainly from Indonesia and Malaysia, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine.
India purchased 300,000 tonnes of soyoil from Argentina during Sept 23 and Sept 24, the largest ever purchase in a two-day period, dealers said, taking advantage of Buenos Aires' move to scrap export taxes on soybeans and other food products.
Demand for edible oil in India, particularly palm oil, typically rises during the festival season amid increased consumption of sweets and fried foods.