India Palm Oil Imports are Expected to Jump 26 Percent to a Record High in 2023

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India Palm Oil Imports are Expected to Jump 26 Percent to a Record High in 2023. Photo by: Sawit Fest 2021 / Atqiyaudin Basr

PALMOILMAGAZINE, KUALA LUMPUR India is anticipated to witness a surge of 26% in palm oil imports during the 2022–23 period, concluding on October 31. This expected increase to record levels is attributed to heightened consumption recovery and competitive pricing, motivating refineries to intensify their procurement. As the largest importer, India’s proactive stance is underscored by a Reuters report.

According to Sanjeev Asthana, the CEO of Patanjali Foods Ltd., as quoted by Bloomberg, refineries have bolstered their acquisitions in anticipation of upcoming festivals.

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“We were aware that palm oil imports would hover around 1.8 million metric tons for the next few months,” Asthana noted.

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If India indeed imports 1.8 million tons over the specified period, the cumulative intake for 2022–23 could surpass 10 million tons, surpassing the previous peak of 9.5 million tons recorded in 2014–15.

In the first 10 months in 2022/23, India imported 14 million tons of vegetable oil that consisted of 8,2 million tons of palm oil, 3,2 million tons of soyoil, and 2,5 million tons of sunflower oil, as dealers predicted.

The increasing imports would be taken as positive indicators for palm oil industries in the country with the expectation that the trend would continue as the economy gets recovered and increasing consumers’ demands. (T2)

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