India has sprinted past China as the world’s top importer of soybean oil, according to USDA.
India’s imports of soybean oil have quadrupled in the last five years. This is due in part because a world glut has lowered its price, and rising palm oil prices have made soy oil more competitive, according to a Wall Street Journal report.
India surpassed China in 2013/14 as the world’s largest importer of soybean oil as China expanded its crushing industry and began to focus on raw soybean imports for processing into meal and oil, according to a report by USDA. The USDA report forecasts India’s soybean imports will reach 3.9 million tons over the next decade, compared with China’s 1.4 million tons.
India’s large population and rising incomes, along with its low soybean yields and a decrease of its soy oil tariffs, have also factored into the country's increasing soy oil imports, according to the USDA report.
Argentina is the world’s largest exporter of soy oil, followed by the United States.