India reduced imports of sunflower and palm oil at the expense of soy

Published Sep 9, 2024

Tridge summary

In August, India experienced a significant shift in its agricultural imports, with sunflower oil and palm oil imports decreasing by 21% and 27% respectively compared to July. Cooking oil imports in total fell by 17%. Conversely, soybean oil imports surged by 16%, marking a two-year high. The increase in soybean oil imports is linked to a rise in canola oil prices, which has led some processors to cut costs by blending canola oil with soybeans. The notable decline in palm oil imports is attributed to oversupply and profit margin issues, as recent price hikes have made palm oil less appealing to purchase.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Imports of sunflower oil in India decreased by 21% in August compared to July to 288,000 tons, and of palm oil - by 27% to 791,000 tons, according to local traders' estimates cited by international news agencies. According to their data, cooking oil imports in India fell in August by 17% compared to July to 1.53 million tons. Soybean oil deliveries from abroad increased by 16% to 456,000 tons, and this is the strongest result for the last 2 years. Analysts attribute the surge in India's soybean oil imports to a more than 8 percent rise in canola oil prices, prompting some processors to mix canola oil with cheaper soybeans. According to them, the significant drop in palm oil imports from abroad is due to the large stocks of the product and the inability of processors to sell it at a profit. "In July, imports significantly exceeded the needs of the domestic ...
Source: Sinor
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