India's September 2024 palm oil imports fall 33% to a 6-month low

게시됨 2024년 10월 14일

Tridge 요약

India's largest vegetable oil importer, the Solvent Extractors' Association of India (SEA), has reported a significant decrease in palm oil imports in September 2024, by over 33%, leading to increased inventories in key producing countries, Indonesia, and Malaysia. This has resulted in pressure on benchmark futures due to higher inventories in India and rising Malaysian palm oil futures prices. Additionally, there has been a decrease in soybean and sunflower oil imports, contributing to a total vegetable oil import drop of over 30%. Despite this, improved demand for edible oils in India during the festive season suggests that palm oil imports may surpass 700,000 tonnes by October 2024. India is implementing a national mission to increase edible oil production and reduce dependence on imports by expanding oilseed cultivation areas and improving productivity. The goal is to reduce palm oil imports from the current 56% of total edible oil imports to about 28% by 2027.

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원본 콘텐츠

Reduced purchases by the world's largest vegetable oil importer, India, could lead to higher palm oil inventories in key producers Indonesia and Malaysia, putting pressure on benchmark futures. Palm oil imports in September 2024 fell more than 33% to 527,314 tonnes, according to the Solvent Extractors' Association of India (SEA). Higher inventories in India and rising Malaysian palm oil futures prices weighed on consumption of the tropical oil, SEA said. Soybean oil imports fell 15.4% to 384,382 tonnes and sunflower oil imports fell 46.2% to 152,803 tonnes, a 10-month low. Total vegetable oil imports fell more than 30% to 1.1 million tonnes. India’s palm oil imports have fallen, bringing its domestic vegetable oil stocks down to 2.45 million tonnes in September 2024 from 2.93 million tonnes in August 2024, SEA data showed. India mainly buys palm oil from Indonesia, Malaysia and Thailand, while importing soybean and sunflower oils from Argentina, Brazil, Russia and Ukraine. A ...

출처: Vinanet