New Delhi: Palm oil imports to India touched 8-month low in February. The imports dropped 30% from January. India’s palm oil imports fell to 586,000 tonnes last month. It is the lowest since June 2022.
As per market experts, the refiners preferred to lower their stocks as inventories piled up following excessive imports during October-January. India is the world’s biggest importer of vegetable oils. This drop in imports could weigh on Malaysian palm oil prices.
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Soyoil imports in February eased 7.3% from January to 340,000 tonnes. Meanwhile, the imports of sunflower oil dropped 67% to 150,000 tonnes from record high imports in January.
India buys palm oil mainly from Indonesia, Malaysia and Thailand. It imports soybean and sunflower oil from Argentina, Brazil, Russia and Ukraine.
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