India increased vegetable oil imports by 26% in July due to high demand and expectations of tariff hikes.

According to preliminary assessments by market operators, India purchased an unusually large amount of vegetable oils in July - about 1.92 million tons, exceeding the previous monthly figure by 26%, Reuters reports.

In particular, approximately 1.45 million tons of these oils have already been delivered to the country's ports, including 850 thousand tons of palm oil. The increase in purchases is driven by high demand for palm and soybean oils in the country due to high prices and expectations of increased import duties.

It is expected that the total import of palm oil in July will increase by 45% compared to the previous month, reaching 1.14 million tons, which is the highest level in the past 20 months. Purchases of soybean oil in the current month are also expected to rise by 45%, to 400 thousand tons, the highest level in the past 13 months.

On the other hand, the import of sunflower oil in July may decrease to 380 thousand tons, which is 18% below the record level of the previous month.