India’s Palm Oil Imports Could be Decreasing in 2022

India’s Palm Oil Imports Could be Decreasing in 2022

InfoSAWIT, KUALA LUMPUR – According to Malaysian Palm Oil Council (MPOC), vegetable oil production in the India could be increasing about 600 thousand tons to be 11,8 million tons in 2022. It happens for the radish and mustard production.

Until December 2021, India published a policy to let processed palm oil imports that cut of tax until March to get cheaper vegetable oil which was very expensive. “The policy will influence vegetable oil industrial purchase and will impact to palm oil imports,” Chief Executive Officer (CEO) MPOC, Wan Aishah Wan Hamid said.

Palm oil imports in India could be decreasing to be 8,1 million tons in 2022, from 8,5 million tons in 2021. Soybean oil imports could be increasing to be 3,2 million tons from 3,1 million tons in 2021, and sunflower oil imports will be too to be 1,9 million tons from 1,8 million tons in 2021.

Vegetable oil imports in the country in 2022 could be decreasing 2% because the country escalates domestic production and would impact to palm oil purchase.

“Total oil and fat imports in India in 2021 reached 13,8 million tons, or decreased about 14,1 million tons,” Wan Aishah said as quoted from The Edge Markets.

It happened for the increasing domestic vegetable oil production and the increasing corona virus infection which forced social mobilization and pressed consumption in hotel, restaurant, and catering.

Wan Aishah also mentioned, to fulfill two third of vegetable oil needs is by imports. Palm oil is from two main producers – Indonesia and Malaysia which took part for more than 60% of the total import in India. “But the South Asia country tries to reduce foreign purchase by promoting their local seed oil,” Wan Aishah said. (T2)