India's July palm imports surge, near one-year high on festive demand

India's palm oil imports rose more than 37 per cent in July from previous month to about 1.1 million metric tonnes, highest since Aug 2023 and in line with traders' estimates, SEA of India said

India's palm oil imports reached a seasonal high of 1.081 million tonne in July, leading to port congestion and berthing delays of 8-10 days, industry body Solvent Extractors Association (SEA) said on Wednesday.

The imports were marginally lower than 1.086 million tonne in July 2023. Palm oil made up 57 per cent of the total vegetable oil imports.

Total vegetable oil imports stood at 18.95 lakh tonne in July, up from 1771 million tonne a year ago, SEA said in a statement.

The oil year runs from November to October. India is the world's largest importer and consumer of vegetable oils.

SEA said the 20 per cent surge in imports in the third quarter(May-July), was driven by expectations for the upcoming festive season. This led to congestion at Kandla port, with berthing delays of 8-10 day.

According to SEA data, RBD palmolein imports fell to 136,000 tonne from 237,000 tonne year-on-year in July 2024. Crude palm oil imports rose to 936,000 tonne from 841,000 tonne, while crude palm kernel oil increased to 8,001 tonne from 7,457 tonne.

Among soft oils, sunflower oil imports rose to 366,000 tonne from 327,000 tonne. Soyabean oil imports were at 391,000 tonne as against 342,000 tonne in July 2023.

Total edible oil imports in July increased to 1.840 million tonne from 1.755 million tonne year-on-year, while non-edible oils were at 55,014 tonne as against 15,999 tonne.

Edible oil stocks as of August 1 were estimated at 2.9 million tonne, attributed to July's high imports.

For the first nine months of the current oil year, total vegetable oil imports were 12.124 million tonne, slightly below 12.254 million tonne in the same period last year.