India's palm oil imports in the 2021/22 crop year fell by 4.8%
RBD Palm Oil
India
Published Nov 16, 2022
Tridge summary
India is the largest importer of vegetable oils (palm oil, soybean oil, sunflower oil) in the world. The country's palm oil imports in the 2021/22 season fell 4.8% from the previous season as overseas soybean oil imports rose 45.3% to a record high, after Indonesia imposed restrictions on palm oil imports. palm oil export processing.
Original content
Mumbai-based Solvent Extraction Association (SEA) said palm oil imports in the marketing year ended October 31 fell to 7.9 million tonnes from 8.3 million tonnes. A year ago. In the first half of 2022, the leading exporter of palm oil Indonesia has imposed many restrictions on the export of this product in order to lower domestic prices. However, this caused Indonesia's palm oil exports to plummet to a 10-year low, leading to inventories as high as more than 8.5 million tons. Indonesia and Malaysia are major suppliers of palm oil to India. In fact, these two countries want to export more. According to the SEA, restrictions from Indonesia make palm oil as expensive as soybean and sunflower oil, prompting Indian refiners to reduce imports of this vegetable oil. Palm oil is usually traded at a discount of around $200/ton compared to soybean and sunflower oils. Soybean oil imports in 2021/22 rose to a record 4.17 million tonnes as India tries to secure alternatives to palm oil. ...
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