India's Palm Oil Imports Surge by 74%: A Market Analysis

India's palm oil imports leaped 74% in May to 763,300 tonnes compared to the same month last year, reflecting a significant increase in demand. This rise in imports is part of a broader trend in vegetable oil stocks, primarily sourced from global suppliers to meet domestic consumption needs.

India's palm oil imports witnessed a remarkable surge of 74% in May this year, rising to 763,300 tonnes from the previous year's 439,173 tonnes. This substantial increase has been attributed to the world's largest vegetable oil buyer amassing the commodity to satisfy escalating domestic demand, according to the Solvent Extractors Association (SEA).

The overall vegetable oil imports also saw a pronounced rise, reaching 1.529 million tonnes in May compared to 1.058 million tonnes during the same month in 2023.

Breaking it down further, crude palm oil (CPO) imports climbed to 532,555 tonnes from 348,118 tonnes a year ago. Imports of RBD Palmolein skyrocketed to 225,746 tonnes, up from last year's 85,205 tonnes, though Crude Palm Kernel Oil (CPKO) imports dipped slightly to 4,999 tonnes from 5,850 tonnes.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)