MOSCOW: Palm oil purchases by Russia totaled 66.1 KMT in November 2016, or down 13% from the previous month (76.2 KMT). This trend has been seen for a third month in a row, and November’s imports were below the monthly average in the last two seasons (73.1 KMT), UkrAgroConsult reports. Overall, palm oil imports in the three months of the current season 2016/17 (September-November) decreased 12.3% year-over-year, to 232 KMT from 264.5 KMT a year ago.
In the palm oil market, Russia is adherent to buying this product from its key supplier Indonesia. Traditionally, imports from this country represent 75-85% of all the palm oil purchased by Russia. Some drop in the purchases is observed this season, to 182 KMT (78% of total imports) against 220.3 KMT (83.3%) a year ago. At the same time, some growth was registered in purchases from the Netherlands – 24.6 KMT (10.6%) against 22.4 KMT (8.5%) and from Malaysia – 19.1 KMT (8.2%) against 18 KMT (6.8%). As for now, the 2016/17 developments follow the scenario of MY 2014/15, when 826 KMT of palm oil was imported for the entire season. More information on vegetable oils market in Russia is available to subscribers for weekly market report “Black Sea Vegoils & CIS” and “Online market review” by UkrAgroConsult.
