India's Surge in Palm Oil and Soyoil Imports Amid Festival Preparations

India's palm oil and soyoil imports soared in July, reaching their highest levels in a year, driven by refiners ramping up purchases for the festival season as prices corrected. This increase helps deplete inventories in top producers Indonesia and Malaysia, impacting global markets.

India's palm oil and soyoil imports surged to their highest levels in about a year in July, according to a leading trade body. Refiners boosted purchases in preparation for upcoming festivals amid price corrections.

The Solvent Extractors' Association of India (SEA) reported a 37% increase in palm oil imports from the previous month, reaching about 1.1 million metric tons. Soyoil imports rose 42% to 391,791 tons, the highest in 13 months. However, sunflower oil imports fell by 21.3% to 366,541 tons.

Total vegetable oil imports jumped 22.2% in July to 1.9 million tons, the second highest on record. This increase has led to port congestion and delays in berthing at Kandla port. India imports palm oil mainly from Indonesia, Malaysia, and Thailand, and soyoil and sunflower oil from Argentina, Brazil, Russia, and Ukraine.

(With inputs from agencies.)