en.Wedoany.com Reported - India's edible oil imports rose to their highest level in ten months in July, reaching 1.49 million tons, up 34% month-on-month. According to estimates from five dealers, purchases of both palm oil and soybean oil increased during the month as refiners replenished inventories ahead of the festive season and domestic supplies tightened.

As the world's largest importer of vegetable oils, India's import dynamics could help major producers Indonesia and Malaysia reduce inventories and provide support to benchmark soybean oil and palm oil futures prices.

Dealer average estimates showed that palm oil imports in July rose 50% month-on-month to 733,000 tons, the highest level in five months; soybean oil imports increased 32% to 501,000 tons, the highest in seven months; and sunflower oil imports rose 4% to 253,000 tons. The above figures exclude duty-free imports from Nepal.

Sandeep Bajoria, CEO of Mumbai-based Sunvin Group, a vegetable oil brokerage, said domestic edible oil inventories in India have declined due to reduced imports over the past few months. The country will celebrate several festivals between August and November, when edible oil demand peaks.

Rajesh Patel of GGN Research, a trader based in Rajkot, Gujarat, said soybean oil prices are highly competitive, and imports are expected to exceed 500,000 tons in August and September. He also noted that declining domestic crushing of rapeseed and soybeans is increasing import demand.

India imports most of its palm oil and soybean oil from Indonesia, Malaysia, and Argentina, while soybean oil and sunflower oil mainly come from Brazil, Russia, Ukraine, and Argentina. The Solvent Extractors' Association of India will release July import data in mid-August.