India likely to import 14.37 million tons of vegetable oil in 2022-23

Published 2023년 3월 8일

Tridge summary

India is set to increase its vegetable oil imports by around 14.37 million tonnes in the 2022-23 oil year, up from 14.07 million tonnes in the previous year, with palm oil imports expected to rise to 9.3 million tonnes. Sunflower oil imports are also anticipated to rise in the short-term due to the end of the tariff rate quota in April 2023. Domestic production of vegetable oils is expected to increase to 9.68 million tonnes, driven by higher production of soyabean and mustard crops. The government may need to take steps to limit the import of refined palm oil due to potential impacts on the local manufacturing industry.

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Original content

India is likely to import around 14.37 million tonne (mt) of vegetable oil during the current oil year (October 2022-September 23) against 14.07 mt in 2021-22, according to Sudhakar Desai, President of the Indian Vegetable Oil Producers’ Association (IVPA). Presenting a paper on “Indian palm oil outlook and its impact on prices” at UOB Kay Hian Palm Oil Outlook Seminar in Malaysia on Monday, he said palm oil import could be in the range of 9.3 mt in 2022-23 against 7.99 mt in 2021-22. He estimated the import of soyabean oil at 3.01 mt during 2022-23 (4.05 mt in 2021-22) and sunflower oil at 2.01 mt (1.93 mt). He said sunflower oil import will be good in the short-term due to TRQ (tariff rate quota) ending with effect from April 2023. With consumption bouncing back in India by about 5 per cent due to fall in prices, he said, there has been an increase in imports. He further said that domestic production of vegetable oils will go up to 9.68 mt in 2022-23 against 9.06 mt in 2021-22 ...

Source: UkrAgroConsult