India increased its edible oil imports to a record 1.76 million tonnes in July as refiners ramped up stockpiles ahead of the festival, given volatile supplies from the Black Sea region and an increase in the discount on palm oil compared to soybean and sunflower.
The increase in imports by the world's largest buyer of vegetable oils will lead to a reduction in palm oil stocks in Malaysia and Indonesia, support prices for basic products and soybean oil, and also contribute to a decrease in stocks in the Black Sea countries that produce sunflower oil. According to the Producers Association of India (SEA), in FY2021/22 the country imported an average of 1.17 million tons of edible oils every month, in particular in June - 1.3 million tons. According to dealers' estimates, in July palm oil imports increased compared to in June from 683,133 thousand tons to a 7-month maximum of 1.09 million tons, sunflower - by 73% to a 6-month maximum of 330 thousand tons, while soybeans decreased by 22% to 340 thousand tons. Experts note that against the background of the war in In Ukraine, Indian importers maintain stocks at a high level to avoid a potential shortage. SEA may publish its own data on the import of vegetable oils in July in mid-August. The ...
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