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Palm Imports by India Decline as Refiners Buy More Soybean Oil

Palm oil imports by India, the world’s biggest buyer, declined in May after refiners bought more soybean and sunflower oils amid record global supplies.

Shipments of crude and refined palm oils slid 14 percent to 647,756 metric tons last month from a year earlier, the Solvent Extractors’ Association of India said in an e-mailed statement today. That’s lower than the median estimate of 668,000 tons in a Bloomberg survey. Crude soybean oil imports more than tripled to 174,209 tons, while sunflower oil purchases more than doubled to 178,753 tons, the association said.