India's palm oil imports could hit record on rising demand

Palm oil accounts for nearly two-thirds of India's total edible oil imports. India buys palm oilfrom Indonesia and Malaysia, with its soyoil mainly imported from Argentina and Brazil. It purchases sunflower oil from Ukraine.

MUMBAI: India's palm oil imports in 2019/20 are likely to rise 2% from a year earlier to a record high as consumption in the world's biggest edible oil buyer will expand more rapidly than local supplies, a leading industry analyst said on Wednesday.

Higher imports may help support benchmark Malaysian palm oil prices that in July hit their lowest level in nearly four years and are struggling to recover due to weak export demand.