New Delhi: India’s edible oil imports dropped by 3.09% to 159.6 lakh tonnes in the 2023-24 oil marketing year, primarily due to increased domestic oilseeds production and a decline in demand amid rising prices, according to the Solvent Extractors Association of India (SEA).

India, which is the largest edible oil importer globally, had imported 164.7 lakh tonnes in the previous oil year (November to October), reported PTI citing the SEA statement.

In terms of value, imports slightly decreased to Rs 1,31,967 crore in 2023-24, compared to Rs 1,38,424 crore the previous year, SEA noted.

"International prices firmed up due to various reasons, which led to higher domestic prices and a reduction in import volumes to some extent," SEA stated.

Data showed that crude palm oil imports dropped to 69.70 lakh tonnes in 2023-24, down from 75.88 lakh tonnes the prior year, while RBD palmolein imports fell to 19.31 lakh tonnes from 21.07 lakh tonnes.

In the soft oils segment, soyabean oil imports decreased slightly to 34.41 lakh tonnes from 35.06 lakh tonnes, whereas sunflower oil imports increased to 35.06 lakh tonnes, up from 30.01 lakh tonnes.

Over the past five years, the share of refined oil in imports has risen from 3% to 12%, while the share of crude oil has declined to 88% from 97%, according to SEA.

As of November 1, SEA estimated that edible oil stocks at various Indian ports totalled 24.08 lakh tonnes.

Indonesia and Malaysia remain the main suppliers of RBD Palmolein and crude palm oil (CPO) to India.