India's palm oil imports nearly doubled in May from last year's low base to the highest level in 4-months as refiners bought aggressively to replenish inventory, a leading trade body said in a statement on Monday.
The country's palm oil imports in the month jumped 92% to 769,602 tonnes, while soyoil purchases rose by 43% to 267,781 tonnes, the Solvent Extractors' Association of India (SEA) said in a statement.
India's sunflower oil imports rose 31% to 175,759 tonnes in May, it added.
The country's imports in May jumped as stocks had depleted after a drop in the imports in the last few months, the SEA said in a statement.
India buys palm oil from Indonesia and Malaysia while other oils, including soyoil and sunflower oil, are sourced from Argentina, Brazil, Ukraine and Russia.
"Imports would remain elevated even in June as many states are easing lockdowns and allowing restaurants to reopen," said a Mumbai-based dealer with a global trading firm.
(Reporting by Rajendra Jadhav, editing by Louise Heavens)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU