India cuts palm oil imports by 33% to 6-month low in September

Published 2024년 10월 15일

Tridge summary

In September, India significantly reduced its vegetable oil imports by over 30% to 1.1 million tons, reaching a 6-month low for palm oil imports at 527,314 thousand tons, a 10-month low for sunflower oil imports at 152,803 thousand tons, and a 15.4% decrease in soybean oil imports to 384,382 thousand tons. This move is largely due to India's well-stocked reserves and increased base prices of palm oil in Malaysia. Consequently, vegetable oil stocks in India have dropped from 2.93 to 2.45 million tons. Despite the festival season driving up demand for edible oils, there is speculation that palm oil imports could surge beyond 700,000 tons in October due to growing demand, which could impact the global balance of these commodities. India sources its palm, soybean, and sunflower oils from countries like Indonesia, Malaysia, Thailand, Argentina, Brazil, Ukraine, and Russia.

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Original content

According to the Indian Solvent Producers Association (SEA), in September against the background of high prices, India reduced imports of vegetable oils by more than 30% to 1.1 million tons compared to August, in particular palm oil by more than 33% to a 6-month low of 527,314 thousand tons, sunflower - by 46.2% to a 10-month low of 152,803 thousand tons, and soybean - by 15.4% to 384,382 thousand tons. SEA experts attribute the reduction in palm oil imports to significant own reserves and the rise in base prices for the product in Malaysia. A reduction in purchases by the world's largest importer of vegetable oils could lead to an increase in palm oil stocks in the main producers - Malaysia and Indonesia, which will increase the pressure on quotations. As a result of the reduction in imports, stocks of vegetable oils in India decreased from 2.93 to 2.45 million tons during September, SEA reports. At the same time, the demand for edible oils in the ...

Source: Graintrade