Palm oil imports fell 34 per cent in September from the previous month to 530,000 metric tons, according to estimates from dealers. "Palm oil became more expensive than soybean oil and sunflower oil last month.
Which country produces the most palm oil in the world?
Indonesia is the world’s largest producer of palm oil, surpassing Malaysia in 2006, producing more than 20.9 million metric tons (23.0 million short tons), a number that has since risen to over 34.5 million metric tons (38.0 million short tons) (2016 output). Indonesia expects to double production by the end of 2030.
Why did India’s palm oil imports fall a third?
India’s palm oil imports in September fell by nearly a third compared to the previous month, hitting a six-month low as a surge in tropical oil prices made it more expensive than rival oils, forcing refiners to postpone purchases, five dealers said.
Could lower palm oil imports lead to higher stocks in Indonesia & Malaysia?
Lower purchases by the world’s biggest importer of vegetable oils could lead to higher stocks of palm oil in key producers Indonesia and Malaysia, weighing on benchmark futures. Palm oil imports fell 34 per cent in September from the previous month to 530,000 metric tons, according to estimates from dealers.