Russia: Confectionery accounts for the bulk of palm oil consumption

Published 2021년 6월 11일

Tridge summary

Russia has seen a significant surge in palm oil imports, with a 57.1% increase in April 2021 compared to the previous month, and a 20.5% increase compared to the same period in 2021. This increase is primarily due to a rise in the export of confectionery products and a higher domestic demand for affordable goods. However, the Fat and Oil Union suggests that this might be due to companies buying palm oil in anticipation of higher world prices. The bulk of the imported palm oil is used in the confectionery industry. Indonesia and Malaysia are the main suppliers of palm oil to Russia, and in return, Russia exports fuel, steel, and mineral fertilizers to these countries.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Why imports of palm oil are growing and how it threatens After a slight decline, Russia again began to increase its imports of palm oil - in April it increased by more than 1.5 times compared to March. Experts attribute this to an increase in the export of confectionery products, as well as an increase in demand for cheaper products with palm oil inside the country. According to the Federal Customs Service (FCS), 108.8 thousand tons of palm oil were imported to Russia in April, that is, 57.1% more than in March. For four months of 2021, 360.4 thousand tons of palm oil were imported to Russia, which is 20.5% more than the same period last year. The Fat and Oil Union assured that the growth of domestic consumption of palm oil in Russia has not been observed for the past few years. "Perhaps, due to the rise in world prices for palm oil, at the beginning of the year, some companies bought a small amount for future use, but the goods were delivered only in April. It is premature to ...

Source: Oilworld