InfoSAWIT, MUMBAI - After Covid-19 pandemic cases decrease, India’s palm oil demands could be high still because the country needs up to 22 million tons while the domestic production just reached about 10 million tons.
In the first semester of 2022, vegetable oil demands in the country were almost the same with the previous ones. The imports escalated 2%. Palm oil trade significantly decreased to be 54% in 2022 while in the previous year, it reached 63% in the same period.
Bhavna Shah of Malaysian Palm Oil Council (MPOC) said, it happened for the increasing palm oil price and close price difference between palm oil and other kinds which managed to get other vegetable oils. He also thought, it also happened for the open – close export policies that Indonesia published.
CPO and its derivative export ban in Indonesia shocked vegetable oil markets in the world. Southeast Asian countries, such as, India, Pakistan, and Bangladesh really depend on palm oil for their food needs.
The export ban delivered impacts and they should get alternatives of vegetable oil, such as, soyoil besides purchasing palm oil from other countries, such as, Thailand, Papua New Guinea, including Malaysia.
Palm oil imports in India from Indonesia in the second semester of 2022 slightly decreased 12% to be 32%, while in 2021 they reached 44% in the same period.
Prior the conflicts between Russia and Ukraine also concerned the world because Ukraine is one biggest sunflower oil exporter in the world. Sunflower exports to India reached 80% from Ukraine but after the war, sunflower exports to India from Russia and Argentina decreased about 4% only. (T2)