India's vegetable oil imports drop 11% in November
India's vegetable oil imports took an 11% dip in November compared to October, and are down 28% from last year.
The main reason? Imports of refined palm oil nearly vanished, dropping to just 3,500 tons.
Even though less sunflower and soybean oil came in too, crude palm oil actually saw a boost.
As a result, edible oil stocks slipped from 1.73 million tons last month to 1.62 million by December.
What changed with imports?
Refined oils now make up less than half a percent of all palm oils India brings in—crude palm oil dominates at nearly 100%.
Overall palm oil imports dropped compared to last year but still made up the majority (55%) of all veggie oils shipped here because softer oils fell out of favor.
Most palm oils came from Indonesia and Malaysia, while Russia and Argentina supplied most sunflower oil.
Changes in import duties also nudged buyers toward more crude oils this time around.