India has been reducing import of vegetable oils in the recent years due to the high prices on the global market and the pandemic. However, India can increase the import of vegetable oils and sunflower oil in the coming years, declared President of Sunvin Group, Sandeep Bajoria within online conference Sunflower Seed&Oil: Trade. Barriers. Competition on May 12.
He specified that the import of vegetable oils to India might reduce to 13.25 mln tonnes in 2020/21 MY (November-October). In particular, the purchases of sunflower and soybean oils will decrease the most and decline to 1.75 mln tonnes (2.52 mln tonnes in the previous season), and 3.3 (3.34) mln tonnes, while the import of palm oil will rise to 8.2 (7.78) mln tonnes.
Since the beginning of the current MY (November-April), 1.08 mln tonnes of sunflower oil have been delivered to Indian ports. At the same time, in April, the import volume was one of the lowest since the beginning of the season (151.777 thsd tonnes).
“India may increase import of sunflower oil up to 2.4 mln tonnes in 2021/22 MY and up to 2.6 mln tonnes in 2022/23 MY that may become a record high. Expected growth of sunflower seed crop in Ukraine and other countries may be the base for higher supplies of sunflower oil to India the next season. Moreover, lower prices of sunflower oil may stimulate India to buy more. Presumably, the prices of Ukrainian sunflower oil will range between 1530-1580 USD/t FOB in July-September and then they will decline to1175-1125 USD/t FOB in October-December 2021 and January-March 2022”, - Sandeep Bajoria noted.