Russia sharply increased imports of palm oil and its fractions. From January to February this year, the import of this product to the Russian market grew by 36.7% - up to 170 thousand tons, TASS reported citing Rosstat. From January to February 2018, Russia purchased 170 thousand tons of palm oil. Compared with the same months of the previous year, imports increased by 36.7%. And only for one February supplies grew by a record 44.1% - up to 97 thousand tons.
According to experts, the main reason for the increase in imports is the lack of milk in Russia. If in 2014, palm oil imports in Russia amounted to 706.3 thousand tons, or $ 642.2 million, by the end of 2017, imports increased to 891.6 thousand tons, or $ 702.1 million.
Over the past four years, the volume of imports of palm oil in Russia has grown by more than a quarter. Factors such as a fall in the ruble exchange rate, a slowdown in industrial production, and a reduction in consumer demand did not become an obstacle to the growth of palm oil imports to Russia. Rather, on the contrary, the supply of palm oil has been growing ever since imported dairy products have become more expensive for Russian importers. In addition, palm oil today is 4-5 times cheaper than olive oil, 2 times coconut oil, 1.5 times soybean oil.
The geography of supplies is gradually changing in favor of countries with cheaper palm oil. In 2013, 77% of the deliveries of this product were carried out by Indonesia, almost 10% by the Netherlands, 8.6% by Malaysia, and 2.3% by Germany.
Source: rynok-apk.ru.
