India's July palm oil, soyoil imports surge on lower prices, dealers say

Palm oil imports surged 39 per cent in July from the previous month to 1.09 million metric tonnes, the highest since August 2023, according to estimates from dealers. – Reuters

MUMBAI: India's palm and soybean oil imports surged to their highest levels in about a year in July, as refiners increased purchases following a price correction and in anticipation of a potential import duty hike, six dealers said on Friday (Aug 2).

Higher palm oil purchases by the world's biggest importer of vegetable oils will help reduce inventories in top producers Indonesia and Malaysia and support benchmark prices.