Indonesian palm oil production estimated at 49.78 million tonnes in 2023

Published 2023년 3월 7일

Tridge summary

India is set to increase its vegetable oil imports by 2.6% to 14.37 Mt in the current oil year, with palm oil making up 66% of these imports, according to Sudhakar Desai, President of the Indian Vegetable Oil Producers Association. Other imports include soybean and sunflower oil. Domestic production is expected to rise to 9.68 million tons due to increased soybean and mustard yields. However, the industry has recommended increasing the duty difference between crude and refined oil to limit the influx of cheaper refined palm oil from neighboring countries. The government may also need to take steps to address falling rapeseed prices.

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Original content

According to Sudhakar Desai, President of the Indian Vegetable Oil Producers Association, India is likely to import around 14.37 Mt of vegetable oil in the current oil year (Oct 2022 – Sep 23) vs. 14.07 Mt in 2021. -2022. IVPA). Presenting the report "Indian palm oil outlook and its impact on prices" at the UOB Kay Hian Palm Oil Outlook Seminar in Malaysia on Monday, he said that palm oil imports could reach 9.3 million tons in 2022-23 against 7.99 million tons in 2021/22. It estimated imports of soybean oil at 3.01 million tons in 2022-2023 (4.05 million tons in 2021-2022) and sunflower oil at 2.01 million tons (1.93 million tons). He said sunflower oil imports will be high in the short term due to the TRQ (tariff quota) ending in April 2023. As consumption in India rebounded by about 5% due to falling prices, imports have increased, he said. He also said that domestic production of vegetable oils will rise to 9.68 million tons in 2022-2023 against 9.06 million tons in 2021-2022 ...

Source: Oilworld