The potential of using palm oil in the Russian Federation has not been exhausted - Mikhail Maltsev

Published 2020년 7월 27일

Tridge summary

Russia has seen a growth in palm oil imports, with the highest figure recorded in May at 113 thousand tons. However, the Oil and Fat Union of Russia does not anticipate significant changes in the growth rates of palm oil imports this season, as the global market situation has been negatively impacted by the pandemic. The import dynamics of palm oil are influenced by the revival of the HoReCa sector, the biodiesel market, and the relations between supplier countries and the EU, India, and China. The import volume is also dependent on the growth dynamics of industries consuming vegetable fats. The union cautions against comparing the volume of imported palm oil month to month due to long transportation times and advises considering the dynamics over a six-month period. The union stresses the need to increase Russia's opportunities in the vegetable fats market by developing processing and strengthening its global position.

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Original content

07/27/2020 Rosstat announces the growth of palm oil imports to Russia. The highest figure was recorded in May - 113 thousand tons, which is 2.3 more compared to the same period last year. Mikhail Maltsev, director of the Russian Fat and Oil Union, told Milknews about the factors that could lead to such figures and about the situation on the palm oil market in general. The Oil and Fat Union of Russia does not expect dramatic changes in the growth rates of palm oil imports to Russia this season. Over the past two years, the volume of supplies has remained approximately at the same level - about 1 million tons per year, and currently there are no significant prerequisites for changes in the dynamics towards an increase. This forecast is supported by the global market situation: the pandemic has had an extremely negative impact on the palm oil market, and its recovery will take at least a season. It will depend on the biodiesel market and the revival of the HoReCa sector, as well as ...

Source: Oilbranch