India’s imports of edible oil are likely to jump by $ 2 billion this year

Published 2022년 4월 12일

Tridge summary

The article highlights the significant increase in India's edible oil import bill, expected to rise by $2 billion due to the conflict between Russia and Ukraine. This conflict has caused supply disruptions, resulting in a substantial increase in the prices of sunflower oil, soya oil, and palm oil. These prices have risen from $1,500 per tonne to $2,050, $1,800, and $1,700, respectively. India, dependent on imports for about 90% of its edible oil needs, is experiencing a shift in market trends with users expected to change their preferences towards soya or palm oil or local domestic oils. The conflict has notably increased the annual import bill from what would have been $18 billion to $20 billion.

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

Original content

India’s import bill for edible oils is likely to jump by $2 billion, following the sharp rise in prices after Russian attack on Ukraine, reports Financial Express. Supply disruptions caused by the conflict in Ukraine have pushed up sunflower prices from $1,500 per tonne to $2,050 per tonne. Soya oil is now trading at $1,800 per tonne from $1,500 per tonne prior to the war, while palm oil is up from $1,400 per tonne to $1,700. India has contracted 45,000 tonnes of sunflower oil from Russia and another 20,000 tonnes of sunflower from Argentina for the current month at $2100 per tonne. The ongoing conflict between Russia and Ukraine has pushed up edible oil prices sharply in the March quarter. Prices had shot up to $2,200 per tonne right after the attack but have cooled down with Russia and Argentina increasing supply. India imports 130 lakh tonnes of oil annually. The normal cost of this would have been $18 billion but due to invasion, the import bill has gone by $20 billion, claim ...

Source: Indoasiancommodities