The Solvent Extractors' Association of India (SEA) reported that India's imports of palm oil increased 60% from September to 845,682 metric tons in October due to festive demand and refiners increasing purchases to restock supplies that had been depleted by recent lower-than-normal imports.

Increase In India’s Edible Oil Consumption

Benchmark futures may be supported by lower palm oil stocks in major producers Malaysia and Indonesia as a result of increased purchases by India, the largest importer of vegetable oils in the world.

The past few weeks have seen an increase in the consumption of fried food and sweets as Indians celebrated the festivals of Diwali and Dussehra.

According to the industry trade group, monthly imports of sunflower oil increased 56.5% to 239,116 tons, while imports of soy oil fell 11% to 341,818 tons.

Due to larger domestic oilseed crops and higher prices that somewhat constrained demand, edible oil imports decreased to 15.96 million tons from 16.47 million tons the year before in the 2023–24 marketing year that ended on October 31, according to the SEA.

In the year, 16.2 million tons of vegetable oil were imported, a decrease of about 3% from the previous year.

Imports of sunflower oil increased 16.8% to 3.51 million tons during the year, while imports of soy oil decreased 6.4% to 3.44 million tons.

India primarily imports soy oil and sunflower oil from Argentina, Brazil, Russia, and Ukraine, while it purchases palm oil primarily from Indonesia, Malaysia, and Thailand.

According to the SEA, a record domestic oilseed crop could result in a 1 million ton decrease in India's edible oil imports in 2024–2025.

REFERENCE- msn.com