India's palm oil imports rise on strong domestic consumption
RBD Palm Oil
India
Published Sep 24, 2022
Tridge summary
India's palm oil imports in 2022/23 could grow 9% year-on-year as strong domestic consumption and competitive prices allow tropical oil to regain market share, a Reuters survey found. its share in the world's largest market.
Original content
India's increase in palm oil imports has helped leading producer Indonesia to reduce high inventories and has supported Malaysian palm oil prices to nearly halve from record highs earlier this year. Palm oil imports in the new marketing year starting November 1, 2022 could rise to 8.4 million tonnes from 7.7 million tonnes this year, according to the median estimate of nine traders and one official. industry was polled on the sidelines of the Globoil Conference in Agra, India. According to B.V. Mehta, CEO of Solvent Extraction Association of India, in 2022, India's cooking oil demand will weaken due to the impact of the Covid pandemic and record high cooking oil prices. However, consumption should improve in the new year as prices correct and demand also picks up as the economy opens up. The survey showed that the country's cooking oil consumption could increase by 3.6% to 23 million tons next year. The revised price of palm oil is now attracting India to boost imports, ...
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