India may start 2023/24 MY with record stocks of vegetable oils
Imports of edible vegetable oils to India in the season-2023/24 may decline, as the country is expected to have record carry-over stocks of these products. It is reported by Reuters with reference to the forecast of the brokerage company GGN Research.
According to the managing partner of GGN Research, Nirav Desai, by November 1, the oilseed stocks in India may reach about 3.37 mln tonnes against 2.46 mln tonnes at the beginning of 2022/23 MY.
He notes that against this background, the imports to the country in the new season may decline to 15.8 mln tonnes, compared to the record 16.6 mln tonnes in 2022/23 MY.
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