Furthermore, the growth of import volumes of vegetable oils in India is primarily due to the expected increase in purchases of palm oil, to 9.44 million tons to 8.69 million tons in 2017/18 MG, as the country since 1 January this year has reduced the customs import duty on Malaysian crude palm oil (4%) and olein (10%).
Also in 2018/19 MG will continue to increase procurement of sunflower oil, which in 2018/19 MG is expected to reach 2.6 million tonnes (+5% per year).
At the same time, India can reduce the import of soybean oil to the lowest level in the last 4 season to 2.9 million tons to 3.05 million tons in 2017/18 MG.
The increase in external purchases of vegetable oils, according to analysts, is due to the increase in the volume of consumption in India, which in 2018/19 MG may grow by 0.5 million tons, while their domestic production by the end of this season will decrease by 0.2 million tons per year to 6.1 million tonnes.
Translated by service "Yandex.Translation"