Indonesian palm oil imports rising
Palm oil exports from Indonesia to India, the world’s biggest buyer, will probably climb to the highest ever this year as strong demand counters higher import duties. Shipments of palm and kernel oils to India climbed 32 per cent to record 7.6 million metric tonnes in 2017 from a year earlier. India, which relies on imports to meet about 70 percent of its total vegetable oil requirements, doubled the levy on crude palm oil to 30 percent in November and increased the duty on refined palm oil to 40 per cent from 25 per cent. The move, coupled with high inventories in top producers Indonesia and Malaysia, resulted in palm oil prices dropping 19 per cent last year.