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Trade Trends News
14-11-2024
The Solvent Extractors' Association of India (SEA) said on Wednesday that due to festival demand and refiners increasing purchases to replenish stocks that had been depleted due to lower-than-normal import volumes, India's palm oil imports in October rose by 60% compared to September, reaching 845,682 metric tons.
As the world's largest importer of edible oils increases its purchases, this could lead to a reduction in palm oil inventories in major producing countries like Indonesia and Malaysia, which in turn could support benchmark futures.
In recent weeks, Indians have celebrated festivals such as Dussehra and Diwali, driving up consumption of sweets and fried foods.
The trade body also reported that soybean oil imports fell by 11% month-on-month to 341,818 tons, while sunflower oil imports increased by 56.5% month-on-month to 239,116 tons.
The Southeast Asian Energy Agency stated that for the 2023-24 marketing year, as of October 31, edible oil imports had decreased from 16.47 million tons in the previous year to 15.96 million tons, due to an increase in domestic oilseed production and higher prices, which somewhat squeezed demand.
Total edible oil imports for the year are projected to be 16.2 million tons, a decrease of about 3% year-on-year.
Soybean oil imports for the year are expected to decline by 6.4% to 3.44 million tons, while sunflower oil imports are expected to grow by 16.8% to 3.51 million tons.
India primarily imports palm oil from Indonesia, Malaysia, and Thailand, and soybean and sunflower oil from Argentina, Brazil, Russia, and Ukraine.
The Energy Agency also stated that considering India’s record-high domestic oilseed production, India's edible oil imports, including palm oil imports, for the 2024/25 year may decrease by 1 million tons.
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