India's Sunflower Oil Imports Set to Surge 30% Amid Duty Cut
India's sunflower oil imports are expected to rise by 30% in the upcoming marketing year, reaching 3.5 million metric tonnes. This increase is due to a cut in import duties on crude sunflower oil from 10% to zero, making it more affordable for consumers.
Angshu Mallick, president of the Solvent Extractors' Association of India (SEA), stated that the duty reduction will boost consumption and attributed the surge in sunflower oil imports to the lower prices. He also mentioned that palm oil imports are likely to remain steady at around 8 million tonnes, although purchases could be affected by rising prices due to supply concerns.
Rapeseed production is another key factor, with India relying on this crop for nearly half of its edible oil supplies. However, the northwestern state of Rajasthan received only 22% less rainfall than average during the monsoon season, which may lead to an increase in rapeseed imports and subsequent vegetable oil purchases.