India’s edible oil imports hit 10-month peak in July on higher palm buying, say dealers

India's edible oil imports surged to a 10-month high of 1.49 million tons in July, as refiners boosted purchases of palm oil and soyoil to replenish stocks ahead of the upcoming festival season, according to dealers. The increase in palm oil imports jumped 50% month-over-month to 733,000 metric tons, the highest level in five months, while soyoil imports rose 32% to 501,000 tons, the highest in seven months.

Sunflower oil imports also edged up by 4% to 253,000 tons. The surge in imports is attributed to tightening domestic supplies and the need to meet demand during festivals between August and November. Palm oil and soyoil imports are primarily sourced from Indonesia, Malaysia, Argentina, Brazil, Russia, and Ukraine. The Solvent Extractors' Association of India is expected to release official July import data by mid-August.