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The import of edible oil and fat continue to increase in the country due to growing consumption demand and absence of local production.
In the first half of 2018, import of edible oil and fat witnessed a significant growth of 8.38 per cent or 1.39 million tonnes, compared to the import of 1.28 million tonnes in the same period of 2017, according to Malaysian Palm Oil Council.
The average demand for edible oil, both in oil form and seeds, is 2.3 to 2.4 million tonnes. Most of the demand is met through import which may reach up to 92 per cent.
Import of palm oil also witnessed a significant rise of 22 per cent.
A total of 0.8 million tonnes of palm oil was imported in the first half of current calendar year which was 0.66 million tonnes in the corresponding period of 2017.
Palm oil occupies 58 per cent of the country’s total demand for edible oil, added the Bangladesh chapter of the council.
On the other hand, import of soybean oil saw a negative growth of around 11 per cent in the first six months of 2018.
During that period, import of canola/mustard seed witnessed 38 per cent oil extraction rate and the import of coconut oil saw a significant growth of over 206 per cent.
Import of edible oil in Bangladesh would continue to grow during the second half of current calendar year along with substantial growth of palm oil import, according to Malaysian Palm Oil Council.