India is increasing purchases of cheap palm oil from Colombia and Guatemala

arrive at the Kandla port in Gujarat by the end of the month. India usually buys palm oil from Indonesia and Malaysia, and soybean and sunflower oil from Argentina, Brazil, Ukraine and Russia. In July, spot rapeseed oil prices rose to their highest level since February 2022 at $1,914.02/t, up 34% from a year ago. Some buyers are switching to cheaper soybeans instead of rapeseed oil, which is why its imports to India are also increasing. For the first time in history, Indian importers purchased palm oil from Colombia and Guatemala as its producers accumulated significant stocks and offered products at deep discounts. India imported 9 million tonnes of palm oil in 2023/24 MY, mostly from Indonesia and Malaysia, the world’s top producers and exporters. While Colombia and Guatemala (the fourth and sixth largest palm oil producers) typically export their products to Europe and North America. Increased production in these countries and plans to reorient their supplies could put pressure ...