Edible oil import grows 10 pc

The import of edible oil has been showing an increasing trend in Bangladesh alongside other commodities, resulting in 10 per cent increase in import in 2018, reports BSS.

According to a statement of Malaysia Palm Oil Council, during January-December period of 2018, import quantity of total oil and fat was over 2.9 million tonnes, which was an ever highest quantity imported in the country in a year and about 10 per cent higher compared to the corresponding period of 2017.

It said competitive price of major two vegetable oils, including soybean oil and palm oil, in the international market together with steady economic growth of the country contributed to the increased import of oils and fat.

In the year 2017, total import of oil and fat was over 2.6 million tonnes.

In 2018, palm oil dominated the edible oil market of Bangladesh. In that year total import of palm oil and palm oil products was over 1.72 million tones, registering an increase by 17.40 per cent compared to the corresponding period of 2017.

Besides, the import volume of soybean oil in 2018 was little over 0.93 million tonnes, which registered an increase of 3.75 per cent compared to January-December of 2017.

Because of price advantage and market demand, import of palm oil retained its leading position and dominance in the oil and fat market of Bangladesh during 2018.

The total import quantity of palm oil constituted about 56.67 per cent of total import of oil and fat in 2018 against 53.91 per cent in 2017.

It is expected that by 2019, total annual import of oil and fat would cross the 3.0 million tonnes mark. Consumption of oil and fat in the country is in increasing trend in pace with economic growth of the country.

Such trend is expected to continue in the coming years also as the country's economy is growing steadily.