In May palm oil purchases by Russian companies decreased to 55 KMT compared with the previous month (60.6 KMT in April). At the same time imports increased by 12.4 KMT compared to 42.6 KMT in May 2015. During nine months of the season 2015/2016 (September-May), palm imports to Russian Federation reached 708.4 KMT. It’s safe to say that the current season will set a new record.
About 80% of all palm oil was imported from Indonesia.
According to USDA estimates, next season palm oil imports to Russian Federation are likely to increase to 800 KMT. Apart from other world market factors, imports will grow owing to a decision to abolish the excise duty on palm oil imports to Russia. Positive decision on the mandatory clearing of palm oil may become a limiting factor. Besides, sunflower oil market conditions will also influence palm oil imports in future. (UkrAgroConsult/Business World Magazine)
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