India is importing more crude palm oil from Thailand : Reports

 India has always been the crucial importer of palm oil. India makes tremendous amounts of palm oil imports in order to fulfil the cooking needs of its enormous population. Over the years, India's most of the palm oil shipments had come from Indonesia and Malaysia. Indonesia is the leading exporter and producer of palm oil in the world followed by Malaysia, Guatemala, Colombia and Papua New Guinea.

Ever since the ban on palm oil imposed by Indonesia and Malaysia, the global market is facing the problems in getting the supply of edible oils. India is looking for other sources to fulfil its palm oil needs. Thailand has emerged as the crucial crude palm oil exporter to India. 

According to the India import export data reports, Thailand had over 15% share of palm oil exports to India. It keeps on increasing as it rises from 1.5% in 2020 to 11.5% in 2021. Although Indonesia and Malaysia remained major crude oil exporters to India but the share of Thailand crude oil exports to India was increasing at a rapid pace.

India customs data reveals that Thailand's palm oil exports to India were around 90k tonnes during FY 2020. It reached 4.23K tonnes in FY 21, then 6.98K tonnes in FY 22. Further, as per the latest India import data reports, the palm oil exports to India were recorded to be 5.73 tonnes during 2023 period. Also, another main reason behind the rising crude palm oil from Thailand was no extra export duty.

Thailand's production is not as much as Indonesia and Malaysia. But its market is continuously expanding amid the ban on palm oil exports from Indonesia & Malaysia. In 2022, Thailand's palm oil production was around 69 billion Thai baht, next year it reached 110 billion Thai baht whereas it was 151 billion Thai baht in 2022. So, Thailand's crude palm oil production trends keep on rising.

As per the global import export data trends, the outbound palm oil shipments are projected to be 9,00,000 tonnes in FY 2023. It currently covers over 2% share of global palm oil exports. Experts are forecasting Thailand as the third biggest exporter of palm oil for the fiscal year 2023. 

India and Thailand are important trading partners. Thailand's other major exports to India include gold, coal, diamonds, petroleum gas, computers etc. Whereas per India export data reports refined petroleum, diamonds, packaged medicaments, Jewellery, Rice, Cars were the major export items to Thailand during fiscal year 2022.

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