Top palm oil buyer in India anticipates a 23% increase in imports

India's palm oil exports could grow by 23% to an eight-year high of 9.5 million tonnes in 202223 . Palm oil futures have declined nearly half from their all-time highs, and palm oil is now at a considerable discount to rival oils, dealers say .

AGRA: India's palm oil exports could grow by 23% to an eight-year high of 9.5 million tonnes in 202223, according to the country's top palm oil buyer, as a surge in demand and competitive prices prompt refiners to increase orders.On the sidelines of the Globoil conference, Sanjeev Asthana, chief executive officer of Patanjali Foods Ltd, said that palm is very lucrative as prices are under attack because of stocks.According to he, a large discount paid to palm oils relative to soyoil is unsustainable and is expected to decrease in the coming months.Palm oil futures have declined nearly half from their all-time highs, and palm oil is now at a considerable discount to rival oils, according to dealers.

Asthana said that higher palm oil imports could reduce the country's soyoil imports to around 3 million tonnes from the current year's intake of 4.1 million tonnes.