Mumbai: India’s palm oil imports in July jumped 59% from the previous month to 1.08 million metric tons, the highest in seven months, as refiners took advantage of lower prices to increase purchases, a trade body said on Monday.
Higher imports by India, the world’s biggest buyer of vegetable oils, would help top producers Malaysia and Indonesia bring down stocks and support Malaysian prices.
Imports of soyoil fell by around 22% to 342,270 tons and those of sunflower oil were up 71% at 327,259 tons, the Mumbai-based Solvent Extractors’ Association of India (SEA) said in a statement.
India’s edible oil imports in July rose to a record 1.76 million tons as refiners built up stocks for upcoming festivals given uncertainty over supplies from the Black Sea, dealers said.
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