India's imports of palm oil and sunflower oil in 2022/23 are record high

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Published Nov 23, 2023

Tridge summary

India's strong imports of palm oil, reaching 9.79 million tonnes, could help reduce palm oil inventories in Indonesia and Malaysia and support palm oil futures prices. Additionally, sunflower oil inventories could also decrease in those countries. Despite high imports, the government's move to cut cooking oil import tax has led to a record level of imported cooking oil, reaching 16.47 million tonnes in the 2022/23 marketing year.
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Original content

Strong purchases from the world's largest vegetable oil importer could help reduce palm oil inventories in Indonesia and Malaysia, support palm oil futures prices, and reduce sunflower oil inventories in those countries. produced in the Black Sea. The Mumbai-based Solvent Extractors Association of India (SEA) said that in the 2022/23 marketing year (ending October 31, 2023), palm oil imports stood at 9.79 million tonnes. , sunflower oil reached 3 million tons, soybean oil reached 3.68 million tons (down 12%) because in most months this commodity was traded at a higher level than palm oil and sunflower oil. SEA said that the total amount of imported cooking oil in 2022/23 has reached a record level of 16.47 million tons, an increase of 17.4% over the previous year, due to the Government's move to cut cooking oil import tax to 5.5% has encouraged the import of cooking oil from abroad. A dealer based in New Delhi said the government reduced import taxes when cooking oil prices on ...
Source: Vinanet
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