In 2020/21 MY, India will increase the production of oilseeds to record 40.98 mln tonnes, forecasted the CEO Sunvin Group, Sandeep Bajoria within the online conference SUNFLOWER OIL: KEEP ON TRADING ONLINE-2020 on June 11.
Particularly, soybean crop could reach 11 (+1.7) mln tonnes, rapeseed – 8 (+0.3) mln tonnes as well as the production of other oilseeds will grow too. The expert pointed out that India needs to widen the areas under oilseeds due to typically low yield.
“Consumption of vegetable oils will reach record 23 mln tonnes in India in 2020/21 MY (+1.9 mln tonnes) that will lead to growth of import to 15.45 (+1.84) mln tonnes. However, the Indian government is going to increase the inner production of vegetable oils in order to lower the import as well”, - S.Bajoria mentioned.
Examining the structure of vegetable oils import, S.Bajoria pointed out the possible substantial growth of palm oil supplies to India in 2020/21 MY – to 9 mln tonnes compared to 7.5 mln tonnes in 2019/20 MY, as well as sunflower oil – to 3 (2.7) mln tonnes. He supposed the import of sunflower oil will grow further to 2.5 mln tonnes in 2022/23 MY.
“Ukraine is the main supplier of sunflower oil to India. It will supply 1.87 mln tonnes of the product in 2020/21 MY against 1.72 mln tonnes this season. However, the share of Ukraine could decline from 90% to 63% in 2020/21 MY due to the higher import from Russia and Argentina at 0.75 (0.65) mln tonnes and 0.37 (0.32) mln tonnes correspondingly”, - the speaker summarized.