India's vegetable oil imports hit 4-month high in November on festive demand

Published Dec 12, 2024

Tridge summary

India's vegetable oil imports reached a four-month high in November, increasing by 10.4% from the previous month to 1.63 million tonnes, as reported by the Solvent Extractors Association of India (SEA). This surge is attributed to the strong demand during the Dussehra and Diwali festivals. Soybean oil imports rose by 19.3% to 407,648 tonnes, and sunflower oil imports increased by 42.5% to 340,660 tonnes. However, palm oil imports, India's main edible oil import, fell slightly by 0.4% to 841,993 tonnes. The high import of soybean oil from Argentina is putting downward pressure on local soybean prices, as they are trading below the government's minimum price.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

By Rajendra Jadhav and Rahul Paswan MUMBAI (Reuters) - India’s vegetable oil imports hit a four-month high in November as refiners stepped up purchases of soybean and sunflower oil, replenishing stocks after strong demand during the festival season, a leading trade body said on Thursday. The country’s vegetable oil imports in November rose to 1.63 million tonnes, up 10.4% from the previous month, the Solvent Extractors Association of India (SEA) said in a statement. The world’s largest importer of edible oil celebrated the Dussehra and Diwali festivals in October and November, boosting consumption of sweets and fried foods. Soybean oil imports rose 19.3% in November to 407,648 tonnes, while sunflower oil imports rose 42.5% to 340,660 tonnes, the SEA said. The country’s palm oil imports fell 0.4% from October to 841,993 tonnes, it said. Argentina has been selling soybean oil at very competitive prices for the past two months, leading to a surge in imports from India but putting ...

Source: NoticiasAgricolas