Imports of sunflower oil by India are expected to fall as freight costs rise due to attacks in the Red Sea

By Rajendra Jadhav MUMBAI (Reuters) - India's sunflower oil imports are expected to decline in the coming months as rising prices, driven by a rise in freight rates, are prompting buyers to switch purchases to competing vegetable oils available at a discount. , traders told Reuters. The world's largest buyer of sunflower oil typically sources most of its imports from the Black Sea region via the Red Sea. However, recent Houthi attacks have forced shipping companies to reroute trade between Europe and Asia through Africa, increasing time and costs. High freight rates have caused the cost of landing sunflower oil in India to rise above the cost of soybean oil for the first time in almost a year, said Sandeep Bajoria, CEO of Sunvin Group, a vegetable oil broker. "Sunflower oil imports have been robust in recent months due to the price advantage it had over soybean oil. However, it has lost this advantage due to increased freight," he said. Currently, crude sunflower oil imports are ...