India's palm oil imports could jump 16% in 2022-23 to a four-year high of 9.17 million tonnes, as consumption is set to jump after two years of contraction due to Covid-led lockdowns, a senior industry official told Reuters on Tuesday.
Higher purchases by the world's biggest importer of vegetable oilscould lend further support to palm oil futures, which are trading near their highest level in four months.
"Consumption fell for two straight years because of Covid-19. This year, it would rebound by about 5% as restrictions have eased and prices have fallen," said Sudhakar Desai, President of the Indian Vegetable Oil Producers' Association.
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India's palm oil imports in the first four months of the 2022-23 marketing year that started on November 1 jumped 74% from a year ago to 3.67 million tonnes, traders estimate.
India buys palm oil mainly from Indonesia, Malaysia, and Thailand. It imports soyabean and sunflower oil from Argentina, Brazil, Russia, and Ukraine.
The country's total vegetable oil imports could rise to 14.38 million tonnes in the current year from 14.07 million tonnes a year ago, Desai said.
Soybean oil imports could fall to 3.16 million tonnes from 4.05 million tonnes, while sunflower oil imports could rise to 2 million tonnes from 1.93 million tonnes, he said.