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MUMBAI, Aug 16 - India's July palm oil importsplunged 43% from a year earlier to their lowest in five months,a leading trade body said on Monday, as demand was curtailed byprices that rallied to a multi-year high.
The country's palm oil imports in July dropped to 465,606tonnes while soyoil purchases fell by 22% to 379,892 tonnes, theSolvent Extractors' Association of India (SEA) said in astatement.
India's sunflower oil imports plunged 66% from the samemonth last year to 71,838 tonnes, it added.
India buys palm oil from Indonesia and Malaysia while otheroils, including soyoil and sunflower oil, are sourced fromArgentina, Brazil, Ukraine and Russia.
"Imports of all edible oils will jump in August. Demand hasbeen improving for edible oil after the government liftedlockdown restrictions," said one Mumbai-based vegetable oilsdealer with a global trading firm.
Palm oil imports could rise above 700,000 tonnes in Augustafter a cut to import tax, the dealer added. REUTERS