India Now World’s No. 1 Palm Oil Buyer, Group Says

India has surpassed China as the world’s biggest buyer of palm oil as rising incomes increased demand for fried and processed foods and drought reduced domestic production of cooking oil, according to a processor group.

The country imported 7 million metric tons in 2009, data from the Solvent Extractors’ Association of India shows. Vegetable oil purchases by India will reach a record 9.4 million tons this year as an import-tax waiver reduces costs and the domestic crop declines, BV Mehta, executive director of the association, said on Wednesday. China’s imports jumped 23 percent to a record 6.4 million tons last year, the National Grain and Oils Information Center said.

India relies on imports, mostly from Indonesia and Malaysia, to meet more than half its demand for edible oil. Last week it sought bids to import 30,000 tons of palm oil.

India Plans Big CPO Imports

India called for bids to import 30,000 metric tons of palm oil after a drought damaged oilseed output, straining global supplies of edible oils. MMTC, India’s biggest state trader, is seeking 18,000 tons of refined bleached and deodorized palmolein for delivery later this month, and state-owned PEC needs 12,000 tons next month, the companies said in notices on their Web sites.

Vegetable-oil purchases by India will reach a record 9.4 million tons this year as an import-tax waiver pares costs and smaller oilseed crops widen a deficit, said BV Mehta, executive director of the Solvent Extractors’ Association of India. Increased purchases may help sustain a 39 percent rally in crude palm oil in the past year. 

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2 comments :

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    ReplyDelete
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