India reduced imports of palm and sunflower oil in September

Last month, India imported about 1.5 million tons of vegetable oils, which is 19% lower than the record figure of August this year, Reuters reports, citing information from market participants. It is noted that the purchases of these products decreased against the background of increasing domestic stocks.

Managing partner of GGN Research Rajesh Patel noted that the record volumes of oils in India were formed against the background of active imports in July and August.

“Therefore, buyers are now taking a pause in purchases,” he added.

Thus, according to traders, imports of palm oil in September decreased by 26% to 830 thsd tonnes. Imports of sunflower oil dropped by 15% to 310 thsd tonnes, while supplies of soybean oil increased by 2% to 365 thsd tonnes.

According to the national association SEA (Solvent Extractors’ Association of India), by the beginning of September, vegetable oil reserves in India amounted to 3.7 million tons, compared to 2.4 million tons by the same date last year.

“Oil imports may further decline in October, as stocks are more than enough to meet demand during the festival season,” said Patel.

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

Tags: India, palm oil, imports, sunflower oil