According to the Association of oil processing companies of India (SEA), in June this year imports of the four major vegetable oils increased by 14% compared to the same month last year to 1.33 million tons.

As specified, the increase was achieved by increasing the supply of palm oil up to 845 thousand tons, which is by 39% better result for the same period last year. This growth was driven by attractive pricing situation on the world market of palm oil and a reduction in domestic supply of a product.

In addition, a possible increase in the government of India the import duties on imported plant oil in the near future has also become an additional driver of purchases.

Growth of imports was observed in segment of sunflower oil – up to 169 (147) thousand tons. At the same time, the accumulation of large stocks of palm oil at the ports has reduced the need for large purchases of soy oil, with the result that the volume of imports of the product in June dropped to 291 (386) thousand tons.

It is also noted that by the end of June the total reserves of vegetable oils in the ports of India were the highest in the last 23 months.

Photo: lefkadia.ru