India's palm oil imports could rise 16% to a four-year high of 9.17 million tonnes in 2022/23, a senior industry official told Reuters on Tuesday, as consumption looks to bounce back after two years of contraction. ready for.
Higher buying by the world's biggest importer of vegetable oils could provide further support to palm oil futures, which were trading near their highest levels in four months.
Sudhakar Desai, president of the Indian Vegetable Oil Producers Association, said, “Consumption has declined for two consecutive years due to the pandemic. This year, it will decline by around 5% as restrictions have been eased and prices have fallen. "
He said consumption growth would be met by higher imports of palm oil, which is trading at a discount to rivals soya oil and sunflower oil.
Traders estimate India's palm oil imports in the first four months of the 2022/23 marketing year, which began on November 1, jumped 74% from a year earlier to 3.67 million tonnes.
India mainly buys palm oil from Indonesia, Malaysia and Thailand. It imports soybean and sunflower oil from Argentina, Brazil, Russia and Ukraine.
Desai said the country's total vegetable oil imports are likely to increase to 14.38 million tonnes in the current year from 14.07 million tonnes a year ago.
Soybean oil imports could fall to 3.16 million tonnes from 4.05 million tonnes, while sunflower oil imports could rise to 2 million tonnes from 1.93 million tonnes, he said.
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