PALMOILMAGAZINE, BANGLADESH – Amidst global economic uncertainty, Bangladesh emerges as a beacon of progress and development, as highlighted by the World Bank. Notably, the country’s food and beverage industries have witnessed robust growth, surpassing the overall economic advancement.
Azriyah Azian of Malaysian Palm Oil Council (MPOC) mentioned that in 2022, the total vegetable oil imports in Bangladesh increased 2.930 tons or 2,18% to be total 2.930.746 tons in total.
Vegetable oils, such as, palm oil, soybean, and sunflower are used in food industries. In 2022 palm oil imports increased 6,10% year on year (YoY) to be 1.511.000 tons, and soyoil imports increased 77.125 tons to be 1.285.987 tons compared to 2021.
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Palm oil imports increased to be 51,57%, while other vegetable oil imports decreased to be 48,43% from 50,34%. It happened for some factors but mostly happened for gap price, war in Ukraine, market inflation, the increasing US dollar, and the government’s intervention. (T2)
