India’s edible oil imports hit 4-year low

MUMBAI: India’s edible oil imports in February plunged to their lowest level in four years, led by declines in soyoil and sunflower oil imports, dragging inventories to their lowest level in three years, a leading industry body said on Tuesday.

Lower-than-normal imports for the second straight month have depleted stocks in the world’s biggest buyer of vegetable oils. This could force India to increase purchases in the coming months, supporting Malaysian palm oil prices and US soyoil futures. The country’s palm oil imports last month rose 35.7% from January to 373,549 metric tons, the Solvent Extractors’ Association of India (SEA) said in a statement.