India's unemployment rate slips to six-month low of 5% in August
Rural unemployment fell to 4.1% from 4.5% in July, its lowest since January, while urban unemployment edged up to 6.8% from 6.7%, National Statistics Office data showed
MUMBAI: India's soyoil and palm oil imports surged in August, reaching new highs as refiners prepared for the country's festival season, according to the Solvent Extractors' Association of India (SEA). The world's largest importer of vegetable oils, India, purchased 782,761 metric tons of palm oil in August, a 7% increase from the previous month and the highest level since February.
Soyoil imports rose 26% to a record 628,736 tons. Sunflower oil imports dropped 36% to 160,639 tons. Overall edible oil imports increased 1.5% to an 11-month high of 1.57 million tons, as refiners bought more to stock up for the upcoming festivals from August to November, when demand typically peaks. Soyoil is cheaper than palm oil, which is expected to keep September shipments high, above 600,000 tons.
The war in the Black Sea is disrupting sunflower oil shipments, prompting refiners to buy more soyoil. India imports most of its palm oil from Indonesia and Malaysia, and soyoil and sunflower oil mainly from Argentina, Brazil, Russia, and Ukraine. The surge in imports has caused congestion at major ports, with vessel unloading delays of up to 10 days as shore tanks fill and refiners struggle to unload incoming cargo.
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- India's August soyoil, palm oil imports rise on stocking brecorder.com
- India's August soyoil, palm oil imports rise on stocking economictimes.indiatimes.com
