India’s October palm oil imports rise 60% m/m, trade body says
India’s palm oil imports jumped 60% in October to 845,682 metric tons due to high festive demand and restocking by refiners after recent low import levels, according to the Solvent Extractors’ Association of India (SEA). While sunflower oil imports also surged by 56.5%, soyoil imports fell by 11%. For the 2023-24 marketing year, total edible oil imports dropped slightly to 15.96 million tons from the previous year, reflecting a larger domestic oilseed harvest and higher global prices that tempered demand.
India imported more palm oil in October due to festive demand. Palm oil imports reached 845,682 metric tons, a 60% increase from September. Refiners increased purchases to stock up after recent lower imports. Soyoil imports decreased while sunflower oil imports increased. Overall, edible oil imports for the 2023-24 marketing year decreased slightly.
AgenciesRepresentative Image India’s palm oil imports in October rose 60% from September to 845,682 metric tons on festive demand and as refiners boosted purchases to replenish stocks depleted by lower-than-usual imports recently, the Solvent Extractors’ Association of India (SEA) said on Wednesday. Higher purchases by the world’s biggest vegetable oils importer could lead to lower palm oil stocks in key producers Indonesia and Malaysia, supporting benchmark futures. Indians celebrated the Dussehra and Diwali festivals in the last few weeks, increasing the consumption of sweets and fried food.
Imports of soyoil declined 11% to 341,818 tons and sunflower oil imports rose 56.5% to 239,116 tons on a monthly basis, the industry trade body said. Import of edible oils during the 2023-24 marketing year ended Oct. 31 reduced to 15.96 million tons from 16.47 million tons the previous year due to larger domestic oilseed crops and higher prices that squeezed demand to some extent, the SEA said.
Source Link : EconomicTimes
