India's Palm-Oil Imports Hit Seasonal High Of 10.81 Lakh Tonnes In July

India's palm oil imports surged to a seasonal high of 10.81 lakh tonnes in July, leading to significant port congestion and berthing delays of 8-10 days, according to the Solvent Extractors Association. Although this figure was slightly lower than the 10.86 lakh tonne imported in July 2023, palm oil still constituted 57% of the total vegetable oil imports.

Overall, vegetable oil imports in July reached 18.95 lakh tonne, up from 17.71 lakh tonne in the same month last year, SEA reported. The increase was driven by a 20% surge in imports during the third quarter (May-July), as traders anticipated higher demand for the upcoming festive season. This surge caused congestion at Kandla port, leading to berthing delays.

The data showed a decline in RBD palmolein imports to 1.36 lakh tonne, down from 2.37 lakh tonne year-on-year. In contrast, crude palm oil imports rose to 9.36 lakh tonne from 8.41 lakh tonne, and crude palm kernel oil increased to 8,001 tonne from 7,457 tonne.

Among soft oils, sunflower oil imports climbed to 3.66 lakh tonne from 3.27 lakh tonne, while soyabean oil imports grew to 3.91 lakh tonne, compared to 3.42 lakh tonne in July 2023.

Total edible oil imports for July increased to 18.40 lakh tonne, up from 17.55 lakh tonne year-on-year, with non-edible oil imports also rising to 55,014 tonne, compared to 15,999 tonne last year.

Edible oil stocks as of August 1 were estimated at 29 lakh tonne, reflecting the high import volume in July. For the first nine months of the current oil year, total vegetable oil imports stood at 121.24 lakh tonne, slightly below the 122.54 lakh tonne recorded in the same period last year.

(With inputs from PTI)