Soybean Oil Imports Hit Record High in August

02-Sep-2026 05:54 PM

Mumbai: Indian refiners imported a record volume of crude degummed soybean oil from abroad in August. This surge was driven by efforts to build substantial stocks to meet festive demand and a shift in preference towards soybean oil following disruptions in crude sunflower oil imports caused by the Russia-Ukraine war. Additionally, global market prices for soybean oil remained competitive. Palm oil imports also rose in August, reaching a six-month high.

According to leading industry analysts, India's palm oil imports are estimated to have risen by 7 percent to 7.80 lakh tonnes and soybean oil imports by 21 percent to 6.01 lakh tonnes in August compared to July. Conversely, sunflower oil imports are likely to have dropped by 38 percent to 1.57 lakh tonnes—the lowest level in six months.

Total edible oil imports for August are projected to increase by 4 percent to 15.40 lakh tonnes, marking an 11-month high. These figures cover only seaborne imports and exclude duty-free edible oil imports arriving by road from the neighboring country, Nepal.

Imports from Nepal in August totaled approximately 1.00 lakh tonnes of edible oil, including 90,000 tonnes of soy oil. The monthly report from the Solvent Extractors' Association of India is expected to be released in mid-September.