Imports of vegetable oils to India increased by 12% in November

India’s edible oil imports jumped to the highest level in four months in November as processors increased purchases of palm, soybean and sunflower oil to replenish stocks following strong demand during the holiday season, Reuters reports, citing dealers.

According to their estimates, imports of palm oil in November increased by 0.5% compared to the previous month and amounted to 850 thousand tons.

According to Sandeep Bajoria, CEO of Sunvin Group, this year’s demand during the holiday season was good, which gave the processors confidence that they will be able to purchase more products to replenish oil stocks, help reduce stocks in producing countries and support futures quotes for Malaysian palm oil at a level close to the highest in the last two years, analysts say.

Imports of soybean oil in November increased by 20% compared to the previous month and amounted to 410 thousand tons, the highest in three months, while imports of sunflower oil jumped 43% and reached a four-month high of 341 thousand tons, dealers said.

According to dealers, the increase in imports of soybean and sunflower oil led to an increase in total imports of edible oils in the country in November by 12% to 1.6 million tons.

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