PALMOILMAGAZINE, MUMBAI – As per the findings from the Solvent Extractors’ Association of India (SEA), palm oil imports into the nation for July 2023 surged to 1.09 million tons, marking a notable increase of 683,133 tons in comparison to the figures for June 2023.
Sandeep Bajoria, the CEO of Sunvin Group, a Mumbai-based firm specializing in vegetable oil brokerage and consultation, pointed out that the favorable economic balance between palm oil and soyoil prompted refineries and stakeholders to intensify their procurement activities, particularly in anticipation of upcoming festival ceremonies.
Meanwhile five traders reporting to Reuters told that July 2023 vegetable oil imports in India increased 1,76 million metric tons because many refineries needed stocks to the next festival and the uncertainty supply from Black Sea.
Also Read : Nearly 15% Decrease in Vegetable Oil Imports in India in May 2023
The increasing purchase of vegetable oil by the biggest importer in the world would help to reduce palm oil stocks in Indonesia and Malaysia and would encourage contract price in the exchange. India planned not to depend on sunflower oil supply from Black Sea by multiplying soyoil stock.
Still from SEA report, vegetable oil imports per month in India in 2021/22 reached 1,17 million tons. While in June 2023, India imported 1,3 million tons of vegetable oil.
“The crisis in Russia-Ukraine made vegetable oil importers maintain lots of stock to avoid potential lack,” Rajesh Patel, the managing partner at GGN Research, a vegetable oil broker and trader.
India purchased palm oil from Indonesia, Malaysia, and Thailand. India imported soyoil and sunflower from Argentina, Brazil, Russia, and Ukraine. (T2)
