Palm | Kelapa Sawit

NEW DELHI, Sept 9 (Reuters) - India's vegetable oil imports in August probably rose more than a third from a year earlier, the second annual rise since December, a Reuters survey showed on Thursday.

Traders said they had stepped up purchases in expectation of Indonesia's hike in its palm oil export tax. Late last month Indonesia increased the tax on crude palm oil to 6 percent for September, up from 3 percent tax in August.

Palm oil imports by India, the world's top edible oil buyer, rose 19 percent, while soyoil imports more than doubled as the premium over rival palm oil narrowed.

India mainly buys palm oils from Indonesia, Malaysia, and small quantity of soyoil from Argentina and Brazil.

"Expectation of a rise in export tax by Indonesia supported higher imports," said Sat Narain Agarwal, a Delhi-based trader.

India's vegetable oil imports, including non-edible oils, in August are estimated to have risen 36 percent to 884,125 tonnes from 650,603 tonnes a year ago.

An average forecast of eight traders showed India may have imported 857,125 tonnes of edible oil last month, up 40 percent a year ago, and 10 percent more than imports in July due to a rally in domestic oilseed prices on weather concerns.

The survey showed average estimated annual stocks at Indian ports at the end of August fell by 11 percent to 576,376 tonnes, reflecting festival season demand in the local market. Estimates ranged from 500,000 tonnes to 750,000 tonnes.

India's demand is expected to support benchmark November crude palm oil futures on Bursa Malaysia's Derivatives Exchange which fell 33 ringgit on Thursday to 2,641 ringgit ($848) per tonne, after hitting a three-week high on the previous day.