India’s cooking oil imports in 2023-24 are down by 3% as consumption falls due to high prices

India’s edible oil imports dipped by 3% in 2023-24, totaling 15.96 million tonnes due to increased domestic oilseed production and a dip in demand attributed to high prices. The Solvent Extractors’ Association (SEA) anticipates a further 10 lakh tonne import reduction in 2024-25, fueled by a projected bumper oilseed harvest.

India imported more palm oil in October due to festive demand. Palm oil imports reached 845,682 metric tons, a 60% increase from September. Refiners increased purchases to stock up after recent lower imports. Soyoil imports decreased while sunflower oil imports increased. Overall, edible oil imports for the 2023-24 marketing year decreased slightly.

India imported less edible oil in the 2023-24 oil marketing year. The total import was 159.6 lakh tonnes, a 3.09 percent decrease. Higher domestic oilseed production and reduced demand contributed to the decline. Crude palm oil and RBD palmolein imports fell. Soyabean oil imports decreased marginally, while sunflower oil imports rose.

Claiming that India appears to be providing “significant” market price support (MPS) for rice and wheat, both in terms of absolute value and as a percentage of the value of production, the five countries said, “India’s notifications for the years at issue appear to dramatically under-report the value of India’s MPS for rice and wheat.”

India has implemented anti-dumping duties on Epichlorohydrin imports from China, Korea, and Thailand for the next five years. This decision, reached after an investigation by the Directorate General of Trade Remedies, aims to protect domestic industries from being undercut by cheaper imports and will level the playing field for them against foreign competitors.

India’s merchandise exports will grow to $107.5 billion in the third quarter of FY25. Non-oil exports will see a significant rise. The growth is driven by strong economic activity and improving demand from trading partners. Exim Bank predicts this growth to continue in the last quarter. However, global economic uncertainties and geopolitical factors pose risks […]

India’s Finance Minister, Nirmala Sitharaman, hinted at the possibility of reducing import taxes, contingent upon the absence of harm to domestic industries. This comes in the wake of US President Donald Trump’s criticism of India’s high tariff rates. While acknowledging the need to protect Indian businesses, Sitharaman emphasized the government’s willingness to adjust tariffs to […]

During his visit to India for the 25th session of the India-Russia Intergovernmental Commission, Russian First Deputy Prime Minister Denis Manturov highlighted the fivefold growth in bilateral trade over the past five years. Manturov emphasized the diversification of trade, ranging from energy and fertilizers to food products and pharmaceuticals.

India and Russia are aiming to achieve $100 billion in bilateral trade by 2030, according to Indian External Affairs Minister S Jaishankar. While optimistic about reaching this target, Jaishankar highlighted the need to address the trade imbalance, which currently favors Russia due to India’s oil imports. He urged for swift action on non-tariff barriers and […]

Five WTO members have accused India of exceeding market support for wheat and rice, potentially distorting global trade. They claim India’s support for rice production exceeded 87% of its value in recent years. India defends its actions, stating its commitment to supporting its farmers and ensuring food security, invoking the WTO’s Peace Clause as justification […]