Edible oil hit by inflation once again, palm oil imports decline

Palm Oil Import: Common people are not getting relief from inflation. Now the price of edible oil has started increasing. Due to this, India's edible oil import has fallen in September. 

India's palm oil import in September has decreased by almost one-third compared to a month ago. This is because its price was high. This import has reached a six-month low. At the same time, sunflower oil import has also decreased. It has reached a ten-month low.

India buys most of its palm oil from Indonesia and Malaysia. Due to low purchases from India, the stock of edible oil may increase in these countries. This may affect the benchmark futures. Solvent Extractors Association of India (SEA) said in a statement that palm oil imports fell by more than 33% to 527,314 metric tonnes in September.

Increase in price led to less purchases

SEA said that high stocks in India and rising palm oil prices have reduced its purchases. Due to the rise in prices, soybean oil imports fell by 15.4% to 384,382 tonnes. 

Sunflower oil imports fell by 46.2% to 152,803 tonnes, which is the lowest in the last ten months. Total vegetable oil imports have fallen by more than 30% and stood at 1.1 million tonnes.

Oil stock decreased

SEA data showed vegetable oil stocks in the country fell to 2.45 million tonnes from 2.93 million tonnes a month ago due to a drop in imports. India buys palm oil mainly from Indonesia, Malaysia and Thailand, while it imports soya oil and sunflower oil from Argentina, Brazil, Russia and Ukraine.