Imports of palm oil in India fall 19 per cent in September
By Rashmi Kuttan | First Published Oct 5, 2023, 3:58 PM ISTIndia, the world's largest importer of palm oil, has reduced its imports, which will hurt major producers in Indonesia and Malaysia, and the stockpile of palm oil will rise.
India witnessed a drop of 19 per cent in edible oil imports during September, compared to the record-high imports seen in August. This decline can be attributed to a 26 per cent reduction in palm oil purchases by Indian refiners due to a surge in inventories.
India, the world's largest importer of palm oil, has reduced its imports, which will hurt major producers in Indonesia and Malaysia, and the stockpile of palm oil will rise.
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India's total edible oil imports fell to 1.5 million metric tons in September, citing record imports in July and August as edible oil stocks hit an all-time high, said Rajesh Patel, managing partner at edible oil trader and broker GGN Research.
Rajesh Patel stated that "Edible oil inventories have gone up to all-time high levels because of record imports in July and August." This surge in stock levels has prompted buyers to take a more cautious approach to their purchases.
According to the Solvent Extractors' Association of India (SEA), domestic stocks of vegetable oil had risen to 3.7 million tonnes by September 1, a significant increase from 2.4 million tonnes a year earlier. SEA is expected to release official data on September's imports by mid-October.
Imports of sunflower oil fell 15 per cent to 310,000 metric tonnes. Meanwhile, imports of soya oil rose 2 per cent to 365,000 metric tonnes.
India primarily sources palm oil from Indonesia, Malaysia, and Thailand, while soya oil and sunflower oil are imported from countries like Argentina, Brazil, Russia, and Ukraine. The shifts in India's edible oil import patterns reflect the impact of both domestic and global factors influencing the market.
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