MUMBAI : Indonesia's plans to restrict palm oil exports are unlikely to create a shortage in top consuming market India, where stocks have risen to a record high following aggressive imports in the past three months, industry officials said.
India's edible oil imports in the first quarter of the 2022/23 marketing year - which started on Nov. 1 - rose 25 per cent from a year ago to around 4.5 million tonnes, dealers said. Rapeseed supplies from the new season's crop, which is expected to be 10 per cent to 15 per cent higher than the last year's record harvest, will gain momentum from the next month and increase edible oil availability, he added.
India's January sunflower oil imports surged to a record 473,000 tonnes, nearly triple average monthly imports as top exporters Russia and Ukraine seek to reduce stockpiles.
Source: News Formal (newsformal.com)
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