India’s edible oil imports reached a record high of 1.76 million metric tonnes in July, as refiners stocked up in preparation for upcoming festivals amid uncertainty over supplies from the Black Sea.

• The country, which is the world’s biggest importer of vegetable oils, has been increasing its purchases, potentially lowering palm oil stocks in Indonesia and Malaysia and supporting benchmark futures.
• Additionally, this surge in imports could also strengthen soyoil futures and reduce inventories in sunflower oil-producing countries in the Black Sea region.
• According to the Solvent Extractors’ Association of India (SEA), India’s average monthly edible oil imports in the 2021/22 marketing year stood at 1.17 million tonnes.