India aims to import highest palm oil in four years as demand soars

Published Mar 7, 2023

Tridge summary

India is set to increase its palm oil imports by 16% in 2022/23, reaching a four-year high of 9.17 million tonnes, due to rising domestic consumption following the easing of COVID-19 restrictions. The country, which is the world's largest importer of vegetable oil, is expected to import 3.67 million tonnes of palm oil in the first four months of 2022/23, marking a 74% increase from the previous year. Besides palm oil, India also imports soybean and sunflower seed oil, mainly from Argentina, Brazil, Russia, and Ukraine. Overall, India's net vegetable oil imports are projected to rise to 14.38 million tonnes in 2023, up from 14.07 million tonnes in 2022.

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Original content

India may import palm oil up 16 per cent in 2022/23 to a four-year high of 9.17 million tonnes due to consumption, Reuters reported. domestic which is expected to skyrocket After two years of contraction as a result of the lockdown during the COVID-19 pandemic. India is currently the world's largest importer of vegetable oil, so India's higher purchase volume This may boost palm oil futures, which are trading near the highest level in four months. Mr. Suthakar Desai, President of the Vegetable Oil Producers Association of India commented that Palm oil consumption in India has fallen for the second straight year due to COVID-19, but this year consumption is expected to rebound by around 5% as restrictions are eased. While palm oil is getting cheaper “Increasing consumer demand will be met by more imports of palm oil. While the price of palm oil now It's also cheaper than soybean oil and sunflower seed oil," Dezai said. The traders have assessed that India's palm oil imports in the ...

Source: Ththansettakij