InfoSAWIT, MUMBAI – July 2023 palm oil imports in India increased 59% from the previous month to be 1,08 million tons – the highest ones for the past seven months because the refineries took for advantages for palm oil was cheaper to multiply their supplies.
This also forced palm oil stocks in Indonesia and Malaysia decreased and eventually it escalated palm oil price.
Meanwhile, as the official information from Solvent Extractor's Association of India (SEA) in Mumbai, soyoil imports in the country decreased about 22% to be 342.270 tons and sunflower oil imports increased 71% to be 327.259 tons.
Vegetable oil imports in India in July 2023 increased to be 1,76 million tons because the refineries wanted to get stock for the future big holidays and the uncertain supply of seed trade in Black Sea.
The different price between palm oil and soyoil up to US$ 150 per ton triggered the refineries to purchase (get) palm oil.
“The trend would continue even for the next several months. We hope, there would be 1 million tons of palm oil imports in September 2023,” a dealer said, as quoted from Reuters.
The total vegetable oil imports in India in 2022/23 that ended on 31 October increased to be 15,5 million tons.
India purchased palm oil mostly from Indonesia, Malaysia, and Thailand. India imported soyoil and sunflower oils from Argentina, Brazil, Russia, and Ukraine. (T2)