India's July Edible Oil Imports Set to Reach Record High Due to Surge in Palm Oil Purchases


Published Date: July 31, 2024
299

India purchased a record amount of edible oils for delivery in July as refiners boosted their purchases of soy oil and palm oil because of the lucrative prices and in anticipation of an increase in import duties, industry and government sources told Reuters.

Tradologie.com, designed in India, for the world, is a user friendly SaaS based global trade hub and your streamlined solution for procurement and sales of B2B commodities such as edible-oil. 

On the platform, connect with verified global bulk edible-oil buyers or Edible Oil Supplier, bypass middlemen for higher profits, and secure the best bulk prices for your business, effortlessly. Simplify your edible-oil sales or procurement with Tradologie.com.

India’s Edible Oil Imports

Increased purchases of palm oil by the largest vegetable oil importer in the world will support benchmark prices and assist in the reduction of inventories in top producers, Malaysia and Indonesia. Based on average estimates from trade houses' shared data, edible oil imports are expected to reach a record 1.92 million metric tons, up nearly 26% from a month ago.

In the current marketing year, which started in November 2023, India has imported 1.2 million tons of edible oil on average. Approximately 1.45 million tons of edible oils, including 850,000 tons of palm oil, have already been released at different ports, according to a government official.

According to dealers, palm oil imports are predicted to reach 1.14 million metric tons in July—the highest level in 20 months—up 45% from the previous month. The correction in palm oil prices in May and June made it less expensive than rival oils. During this time, the refining margin in India was also strong, prompting refiners to place orders for July shipments,” said Sandeep Bajoria, CEO of Sunvin Group, a vegetable oil brokerage.

The price discount between palm oil and soyoil increased from less than $10 per ton in April to over $100 in May, according to dealers. Expectations of a duty hike in the budget also prompted some buyers to increase purchases for July shipments," Bajoria added. The budget for the 2024–25 fiscal year was unveiled by Finance Minister Nirmala Sitharaman on Tuesday; however, she left the edible oil duty structure unchanged.

Based on data, soyoil imports are expected to reach 400,000 metric tons in July—the highest level in 13 months—a 45% increase from the previous month. According to data, imports of sunflower oil could drop to 380,000 tons in July, an 18% decrease from the record shipments of the previous month. India primarily purchases palm oil from Indonesia, Malaysia, and Thailand; on the other hand, it imports sunflower oil and soy oil from Argentina, Brazil, Russia, and Ukraine.

Tradologie.com facilitates bulk agro-commodity sales and procurement across the globe. Through tradologie.com’s interface, buyers can avail the best qualities of agro-commodities in bulk at negotiable rates.

The transaction oriented platform has 700,000+ verified buyers and about 70,000+ registered sellers of agro-commodities from over 100 countries.

To register as a buyer, click here. To register as a seller, click here

To stay updated with the latest happenings in the agro-trade industry, follow

Tradologie.com across all social media channels.

Image

Connect with Us


I am* Seller Buyer
Select Country
Mobile Number
Add Comment



Most Relevant

BE THE FIRST ONE TO COMMENT

Download Buyer App
Available on Android and Ios

Download Seller App
Available on Android and Ios