Stay updated with breaking news from Ggn Research. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Over half of India’s domestic demand for edible oil is met through imports. The imports would only increase if no drastic measures are taken by the government soon.
India Palm Oil Imports: India's palm oil imports surged 22% in November, reaching 867,000 metric tons, the highest in three months. The increase is attributed to steep discounts compared to soyoil and sunflower oil, prompting refiners to switch to palm oil. The move could help lower palm oil stocks in top producers Indonesia and Malaysia.
India's edible oil imports in August rose 5% to 1.85 million metric tons, a record high. In July, India imported 1.76 million tons, which was also a record high. India's average monthly edible oil imports in the 2021/22 marketing year were 1.17 million tons, trade body Solvent Extractors' Association of India (SEA) said.
India's edible oil imports hit a new record of 1.76 million metric tonnes in July, as refiners stockpiled ahead of upcoming festivals amid concerns over supplies from the Black Sea region. Higher imports could reduce sunflower oil stocks in other countries and also support benchmark futures for palm and soyoil. India's monthly average edible oil imports remain at 1.17 million tonnes for this year.
Edible Oil Imports: Higher purchases by the world's biggest importer of vegetable oils could help to lower palm oil stocks in Indonesia and Malaysia and support benchmark futures. They would also strengthen soyoil futures and could reduce inventories in sunflower oil-producing Black Sea countries.