In July, oil imports to India will grow to a record level – forecast

India may import a record 1.86 million tons of vegetable oil in July, up almost 0.6 million tons from last month, market participants interviewed told Reuters.

In their opinion, imports of these products to the region will increase amid a seasonal increase in demand in the country ahead of national festivals and uncertainty about Black Sea supplies after the completion of the grain deal.

“From July 1 to July 24, about 1.5 million tons of edible oils were unloaded in Indian ports. It is expected that another 386 thousand tons will be received in the remaining seven days,” the materials say.

According to preliminary estimates, imports of palm oil will grow by 46% compared to the previous month – up to 1 million tons, which will be the highest figure since the beginning of the year.

Imports of sunflower oil may double by June to 385 thousand tons. Supplies of soybean oil are expected to reach the highest level for the year – 475 thousand tons.

The main suppliers of palm oil to India are Indonesia, Malaysia and Thailand. Soybean oil is mainly purchased by traders from Argentina and Brazil. Sunflower oil is purchased from Ukraine and Russia.

Tags: sunflower oil, soybean oil, India, palm oil