India’s December Palm Oil Imports Jump By 96% YoY (1)

1. India’s December Palm Oil Imports Jump By 96% YoY India is the world's largest importer of vegetable oil, and in the previous oil year (November-October 2020-21), it imported 131.3 lakh tonnes of edible oils, valuing around Rs. 1.17 trillion to meet 60% of its requirements. India's leading sources of RBD Palmolein and Crude Palm Oil are Indonesia, Malaysia, and Thailand while the nation mainly gets its soybean oil from Brazil, Argentina, and Ukraine. Current Situation Of Palm Oil Imports In winter, India imports less palm oil because the tropical oil solidifies at lower temperatures but the Solvent Extractors' Association (SEA) of India reported that the country’s imports of palm oil in December increased 96% from a year earlier to a record high for the month. This is because refiners increased purchases during the seasonally slow winter owing to palm oil's hefty discount compared to its rivals. The SEA reported in a statement that India imported 1.1 million tonnes of palm oil in the previous month. With a record high of 1.26 million tonnes in September 2021, the imports for December 2022 were 2.8% less than the 1.14 million tonnes purchased in November’22. According to SEA data, India's imports of palm oil increased 17% from the previous quarter to a record 3.13 million tonnes in the December quarter. According to the SEA, imports of soy oil decreased by 36% to 252,525 tonnes in December from a year earlier, while imports of sunflower oil fell by 25% to 194,009 tonnes. Reasons For Higher Imports The higher imports witnessed in India (the world’s biggest palm oil importer) would help the major producers of the commodity i.e. Indonesia and Malaysia to cut their inventories and support benchmark prices for palm oil. As per a Mumbai-based dealer with a global trade house, Indonesia’s

2. aggressive selling during December caused palm oil prices to rival the prices of soy oil thus leading to higher palm oil imports in India. For the shipments in December, most orders were placed by buyers in November when the price of palm oil was as much as $460 per tonne which was cheaper than the rivals, soy oil and sunflower oil. The trader also said that the January palm oil imports could moderate as the palm oil discount to soy oil has come down to around $300 per tonne. If you are an importer wishing to buy bulk quantities of vegetable oil or are an exporter willing to export vegetable oil, then Tradologie.com is the right platform for you. Tradologie has over 600,000 buyers and 70,000+ exporters of food and agro-commodities from over 100 countries in its network and through the platform, you can conduct bulk agro-trade with ease. To register as a buyer, click here. To register as a seller, click here. To stay updated with the recent happenings of the agro-trade industry, follow Tradologie.com across all social media channels. REFERENCE- https://bit.ly/3J71Hcl CAPTION India’s year-on-year palm oil imports jump by 96%: SEA VIDEO META Video Caption India’s December Palm Oil Imports Jump By 96% YoY Video Script ● The Solvent Extractors' Association (SEA) of India reported that the country’s imports of palm oil in December increased 96% from a year earlier to a record high for the month.

3. Can show shipment with palm oil ● Indonesia’s aggressive selling during December caused palm oil prices to rival the prices of soy oil, thus leading to higher palm oil imports in India. Can show an image of palm oil ● For the shipments in December, most orders were placed by buyers in November when the price of palm oil was as much as $460 per tonne which was cheaper than the rivals, soyoil and sunflower oil. Can show an image of oil palms Video Description The higher imports witnessed in India (the world’s biggest palm oil importer) would help the major producers of the commodity i.e. Indonesia and Malaysia to cut their inventories and support benchmark prices for palm oil.