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 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.

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.

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’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 […]

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 […]

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 […]

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 […]

India’s External Affairs Minister S Jaishankar called for immediate action to address the significant trade deficit with Russia, which has reached USD 25.11 billion due to increased crude oil imports. He emphasized the need to remove trade barriers, promote national currency settlements, and explore collaborations in energy, connectivity, and human resources to achieve a more […]

India’s Commerce Minister Piyush Goyal set an ambitious goal of reaching $2 trillion in exports by 2030, emphasizing the need for collective efforts to overcome non-tariff barriers. Goyal urged the Indian Institute of Foreign Trade to contribute by studying these barriers and leveraging free trade agreements to benefit businesses and create jobs.