India increases palm oil imports as prices fall relative to competing vegetable oils

RBD Palm Oil

India

Published Dec 22, 2022

Original content

Mumbai-based Solvent Extractors Association of India (SEA) said imports last month reached 1.14 million tonnes, more than double from 2021. More imports from India will help top producer Indonesia reduce inventories while supporting Malaysia's benchmark palm oil price, which has nearly halved from this year's record high. Palm oil imports in November 2022 were much cheaper than soybean oil, prompting refiners to switch from soybean oil to palm oil. Dealers said that for November shipments, buyers mainly ordered from October, when palm oil was nearly $500/ton cheaper than soybean oil, as Indonesia was trying to cut back on shipments. inventory. The SEA said India's total vegetable oil imports in November 2022 increased 10.6% to 1.55 million tonnes. In which, soybean oil imports decreased by 31% to 229,373 tons, while sunflower oil imports increased by 8.8% to 157,709 tons. India mainly imports palm oil from Indonesia, Malaysia and Thailand, while it imports soybean oil and ...

Source: Vinanet

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