Vegetable oil stocks in India at three-year low

According to the Edible Oils Association of India (SEA), as of early April, India’s vegetable oil stocks fell by 11.3% month-on-month to 1.67 million tonnes, the lowest in more than three years, since December 2021. The stocks have been at minimum levels for the past four months.

According to the association, the main reason was a reduction in palm oil imports into the country amid rising prices. At the same time, despite an increase in supplies in March by 14% (to 424.6 thousand tonnes), the volume of purchases remains significantly below the average monthly level.

The share of palm oil in India’s total vegetable oil imports fell to 43% from 61% a year earlier, while the share of soybean and sunflower oils rose to 57%.

Soybean oil imports increased by 25% in March, to 355.4 thousand tons, while sunflower oil imports decreased by 16%, to 190.7 thousand tons, which was the lowest figure in six months.

According to analysts, against the backdrop of reduced stocks caused by rising prices and increased domestic supplies, purchases to the country will begin to grow in the near future.

Tags: soybean oil, India, imports, sunflower oil