India's soyoil imports set for record high, palm oil at five-year low

India's soyoil imports are projected to surge by 60% in 2024/25, reaching a record high due to its competitive pricing compared to palm oil. This shift is expected to decrease palm oil imports to a five-year low and impact global vegetable oil markets. Refiners are capitalizing on cheaper soyoil, even sourcing from Nepal to leverage tax benefits.