India’s palm oil imports fell 27% in February from a year earlier to their lowest in nine months, a leading trade body said on Friday, reflecting a slowdown in domestic demand.
India imported 394,495 tonnes of palm oil, down from 540,470 tonnes a year earlier, the Solvent Extractors’ Association of India (SEA) said in a statement.
Soyoil imports fell to 285,973 tonnes from 322,448 tonnes, the SEA said.
Overseas purchases of sunflower oil dropped to 116,110 tonnes from 226,743 tonnes.
India buys palm oil from Indonesia and Malaysia, while other oils, including soyoil and sunflower oil, are sourced from Argentina, Brazil, Ukraine and Russia.
As lower shipments have depleted stocks, India’s palm oil imports are expected to rebound in March and April to meet rising demand from hotels and restaurants.
