India vegetable oil industry group to explore palm oil trade with Thailand

A group of Indian vegetable oil importers and refiners will explore new business opportunities in Thailand’s palm oil sector.

The Mumbai-based Solvent Extractors’ Association of India (SEA) said on Tuesday (Aug 22) a 19-member delegation, led by its president Ajay Jhunjhunwala, will embark on a “comprehensive study tour” of Thailand’s Surat Thani palm cultivation region on Wednesday (Aug 23).

They will engage with Thai government officials as well as with palm oil producers and exporters.

“We aim to forge meaningful relationships that pave the way for increased bilateral trade between India and Thailand, propelling our industries to new heights,” the SEA said in a statement.

Thailand ranks number three in palm oil production, while top producers Indonesia and Malaysia account for about 85% of world palm oil trade.

Thailand exports around one million tonnes of palm oil to India per year, representing 15% of India’s total palm oil imports.

In the nine-month period starting November 2022, Thailand supplied 671,345 tonnes of crude palm oil (CPO) and 11,499 tonnes of refined, bleached and deodorised (RBD) palmolein to India, while Indonesian palm oil exports comprised 2.62 million tonnes of CPO and 1.33 tonnes of RBD palmolein, according to SEA data.

During the November-July period, Malaysia exported 1.86 million tonnes of CPO and 273,519 tonnes RBD palmolein to India.

The importers and refiners during their tour will seek to gain insights into Thailand’s palm oil industry and its logistics network, and aim to develop direct connections with key players.

The SEA will also use the opportunity to invite Thai companies to attend the Globoil India-2023 event next month in Mumbai.