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Palm oil imports could jump to 4-year high on lower prices: Industry official

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Indian coconut oil Industry officials told Reuters on Tuesday that consumption will grow 16% in 2022-23, a four-year high of 9.17 million tonnes, as consumption surges after two years of contraction due to the coronavirus lockdown. said to be likely to reach

Higher purchases by the world’s largest importer Vegetable oilIt could further support palm oil futures, which are trading near four-month highs.

“Consumption has fallen for the second year in a row due to Covid-19. This year it will recover by about 5% as restrictions are eased and prices fall,” said the president of the Indian Vegetable Oil Producers Association. Sudhakar Desai said.

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Consumption growth will be met by higher imports of palm oil, which trades at a bargain to rivals. soybean oil and sunflower oilHe said.

In the first four months of the 2022-2023 marketing year, which began on November 1, India’s palm oil imports reached 3.67 million tonnes, up 74% year-on-year, traders estimate. .

India mainly uses palm oil Indonesia, Malaysia and Thailand. We import soybean oil and sunflower oil from Argentina, Brazil, Russia and Ukraine.

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The country’s total vegetable oil imports could rise to 14.38 million tonnes this year from 14.07 million tonnes a year ago, Desai said.

Soybean oil imports could fall from 4.05 million tonnes to 3.16 million tonnes, while sunflower oil imports could rise from 1.93 million tonnes to 2 million tonnes, he said.

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