Indonesia palm oil body says India’s import up 24% on month in August.

India palm oil imports from Indonesia rose 24% on month in August to 786,820 metric tonne though the country doubled import duty on the commodity earlier that month. Declining domestic vegetable oil stocks and a fall in soybean production in Canada and Australia at the same time due to unfavourable weather prompted this increased buying. The decline of soybean output in several key producing countries may trigger a drop in vegetable oils stock globally and likely drive up palm oil prices. Indonesia’s palm oil exports to India in Jan-Aug amounted to 5.21 million tn, 49.7% higher than 3.48 million metric tonne last year. In 2016, Indonesia exported 5.78 million metric tonne of palm oil to India.