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India Tariff Cut Boosts Palm Oil Imports
11.12.2020 15:55 "Agro Perspectiva" (Kyiv) —
According to the report of the USDA Oilseeds: World Markets and Trade (December 2020), India, the world’s largest importer of palm oil, cut its crude palm oil tariff 10 percentage points in late November to curb rising food prices. Palm oil export prices have soared over 60 percent since May, their highest levels in 6 years. The high cost of vegetable oils, coupled with the economic impact of COVID-19, constrained India demand and imports in 2019/20. In response to the tariff reduction, the 2020/21 palm oil import forecast is up 200,000 tons as the lower tariff will make palm oil more affordable to consumers. The sunflower oil forecast is reduced 100,000 tons in response to tight global supplies and the additional palm oil in the market. Demand for vegetable oil is expected to recover assuming an improving economy in 2021 as the impact of COVID-19 diminishes over time. Prices of all major vegetable oils have strengthened considerably since May. Adverse growing conditions in key production areas have combined with strong demand in China to boost underlying oilseed prices. These have translated to the higher oil prices currently seen, along with slowing palm oil production in Indonesia and Malaysia that has reduced exportable supplies. Since November 2019, the price spread has narrowed between palm oil and other oils as high prices encourage a shift to less expensive oils such as palm. As long as vegetable oil prices remain elevated, these trends are expected to continue.
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