In the midst of a pandemic, Russia reduced imports of palm oil

Published 2020년 8월 28일

Tridge summary

Russia's import of palm oil has decreased by 3% in the first half of 2020, with the total supply remaining at 1 million tons, primarily for the food industry. This decrease could be attributed to increased state control over dairy product quality and the introduction of the Mercury electronic veterinary certification system. The system monitors dairy product turnover and enforces restrictions on milk fat substitutes, leading to a decrease in demand for products containing palm oil as milk fat substitutes. The confectionery industry and HoReCa sector, which are major consumers of vegetable fats including palm oil, have been significantly impacted by the pandemic-related closures of cafes, restaurants, and hotels.

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

Original content

If in the first half of 2019 Russia imported 506 thousand tons of palm oil, then for the same period of this year - only 473 thousand tons. The negative dynamics of supplies in the first half of the year was also confirmed by the Oil and Fat Union of Russia. The decreased import of palm oil is an event, because the average annual negative dynamics is not typical for the import of this product, says Andrey Dalnov, head of the Center for Industry Expertise of the Russian Agricultural Bank. The last time a noticeable decrease in imports by 5% occurred at the end of 2014 - then it was associated with a sharp change in the exchange rate of the national currency, explained the interlocutor of RBC. The downward trend in imports of palm oil was evident in the second half of 2019, but this time without any currency fluctuations. The supply of palm oil to the country has been growing since the late 1990s: during this time they increased more than tenfold - to a record 1.06 million tonnes at ...

Source: Dairy