Imports of edible oil rises as consumption increases

India’s total edible oil imports will likely climb in the year ending September due to stronger consumer demand, according to Sudhakar Desai, president of the Indian Vegetable Oil Producers’ Association, according to Bloomberg.

“Consumption is back,” Desai said at the UOB Kay Hian palm oil seminar in Kuala Lumpur Monday. India’s per-capita consumption is likely to accelerate, jumping 5% to 24.35 million tons in 2022-23, versus a 1.1% rise a year earlier.

Desai also says India’s 2022-23 total edible oil imports is seen climbing to 14.38 million tons from 14.07 million tons the previous year, while palm oil imports may rise to 9.17 million tons from 7.99 million tons. Imports in January to February 2023 were seen at 1.97 million tons, before easing to 1.80 million in April to June 2022, then rebounding to 2.22 million tons in July to Sept 2022.