By Rajendra Jadhav and Anjana Anil
MUMBAI- India’s edible oil imports in February plunged to their lowest level in four years, led by declines in soyoil and sunflower oil imports, dragging inventories to their lowest level in three years, a leading industry body said on Tuesday.
Lower-than-normal imports for the second straight month have depleted stocks in the world’s biggest buyer of vegetable oils. This could force India to increase purchases in the coming months, supporting Malaysian palm oil prices and US soyoil futures
The country’s palm oil imports last month rose 35.7 percent from January to 373,549 metric tons, the Solvent Extractors’ Association of India (SEA) said in a statement.
India imported an average of more than 750,000 tons of palm oil every month in the marketing year that ended in October 2024, according to the SEA.
Imports of soyoil decreased 36 percent to 283,737 tons in February and sunflower oil imports fell 20.8 percent to 228,275 tons, the SEA said.
Lower shipments of soyoil and sunflower oil brought down the country’s total vegetable oil imports last month by 12 percent to 899,565 tons, the lowest since February 2021, the SEA said. – Reuters
