Indian vegetable oil imports likely to decline by 6% in new marketing year

Updated Sep 28, 2023
India's vegetable oil imports are likely to decline by 6% in the new marketing year starting in November due to higher carryover stocks of oilseeds from the current year, a leading industry official said on Wednesday. India, the world's largest importer of vegetable oils, is likely to buy 15.6 million tonnes of vegetable oils in 2023-24, up from 16.6 million in the current year as of October 31, 2023, said Sandeep Bajoria, CEO of Sunvin Group. , a Mumbai-based cooking oil brokerage and consulting firm. The country is likely to import 9.5 million tonnes of palm oil next year against 10 million in 2022-23, he said at the global vegetable oils conference in Mumbai. Earlier this month, Reuters reported that Indian oil refineries imported more than 1 million tonnes of palm oil in August, the second straight month of higher purchases to build supplies for the festival season that starts next month. India sources its palm oil mainly from Indonesia, Malaysia and Thailand. Imports soybean ...
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