India's palm oil imports hit 14-month high, soyoil purchases set record

By Rajendra Jadhav

MUMBAI, Nov 4 (Reuters) - Indian palm oil imports surged to their highest in more than a year in October, while soyoil purchases hit a record high, as lower prices prompted refiners to step up buying to build stocks ahead of the festive season, five dealers said.

Higher palm oil imports by the world's largest vegetable oil buyer could curb stock growth in top producers Indonesia and Malaysia, despite higher production, and lend support to benchmark palm oil futures .

India's palm oil imports in October rose 6% from a month earlier to 866,000 metric tons, the highest since August 2025, dealers' average estimates showed.

Soyoil imports rose 6% month-on-month to an all-time peak of 653,000 tons, while sunflower oil shipments doubled from last month's more than four-year low to 223,000 tons.

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Overall edible oil imports rose 13% to 1.74 million tons, the highest in more than two years, driven by higher shipments of all three oils.

The Solvent Extractors' Association of India is due to publish its October import data by mid-November.

Edible oil imports typically rise during the September-November festive season as households and commercial kitchens step up production of sweets, snacks and fried foods.

India will celebrate the Diwali festival this month, when the need for edible oils typically peaks.

Demand has been amplified this year by concerns about limited domestic supplies following El Niño-related damage to oilseed production, said Rajesh Patel, managing partner at trader GGN Research in Rajkot city in the western state of Gujarat.

In September, India cut the basic import duty on crude and refined edible oils, including palm oil, soyoil and sunflower oil, to bring down prices during the peak festive season.

Palm oil imports are likely to remain elevated in November, as the commodity continues to trade at a discount to rival oils, said Sandeep Bajoria, chief executive of Mumbai-based brokerage Sunvin Group.

India sources most of its palm oil ​from Indonesia and ​Malaysia, while ⁠soyoil and sunflower oil are imported mainly from Argentina, Brazil, Russia and Ukraine.