May palm oil imports surge 84% m/m to hit six-month high
India’s palm oil imports surged 84% in May to 592,888 metric tonnes—the highest in six months—due to low stock levels and palm oil’s price advantage over soyoil and sunflower oil, the Solvent Extractors’ Association of India reported. As the world’s largest vegetable oil importer, India’s increased buying could support Malaysian palm oil and US soyoil prices.
India’s palm oil imports jumped to a six-month high in May, driven by low inventories and the tropical oil’s price discount to rival soyoil and sunflower oil, which prompted refiners to boost purchases, an industry body said on Thursday.
Higher imports of palm and soyoil by India, the world’s biggest buyer of vegetable oils, could support Malaysian palm oil prices and US soyoil futures.
Palm oil imports rose 84 per cent in May from April to stand at 5,92,888 metric tonnes, the highest since November 2024, the Solvent Extractors’ Association of India (SEA) said.
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Source : The Hindu Business line
