India’s palm oil imports dropped to their lowest level in 14 months in June, driven by subdued domestic demand and a narrowing price discount against rival vegetable oils, dealers reported.
The decline marks a significant pullback in purchasing from the world’s largest importer of edible oils, adding to concerns about weakening consumption in the Asian market.
Soybean oil imports also contracted sharply, falling 23% month-on-month to 381,000 tons.
Soybean oil imports also contracted sharply, falling 23% month-on-month to 381,000 tons.
The simultaneous drop in both major edible oil categories suggests a broad-based softening in demand rather than a simple substitution effect between palm and soybean products.
Traders are interpreting the data as a signal that Indian buyers are reducing stockpiles amid softer end-user demand.
The import slump aligns with broader economic indicators showing a deceleration in India’s private sector activity.