Egypt’s imports of edible oils and fats will grow at the slowest pace in three years as more reserves are used, Oil World said.
Imports of 17 oils and fats will climb 0.9 percent to 1.8 million metric tons in the season that started in September, the slowest since a 6.5 percent drop in 2009-10, the Hamburg-based Oil World said in a report today. Reserves that expanded 78,000 tons a year earlier will drop 21,000 tons in the current season, it said. Consumption will grow 4.3 percent, the slowest pace in at least four years, according to the report.
Egypt is the world’s seventh-largest importer of oils and fats, and is more dependent on supplies from outside the country than other large buyers because of small domestic output, Oil World said. Its production of 17 oils and fats will be 482,000 tons in 2012-13, down 1.4 percent from a year earlier, it said.
A “remarkable expansion” in the country’s soybean crushing industry has allowed oilseed imports to increase 10- fold in 15 years, climbing to a record 2 million tons in 2012- 13, Oil World said. Some 1.8 million to 1.9 million tons of soybeans will be processed domestically in 2012-13, up from 1.2 million tons four years ago, Oil World said.
Egypt’s soybean imports slowed in January-March because of dwindling supplies from the U.S. after they climbed by one-third to 570,000 tons in October-December, Oil World said. The U.S., Canada and Ukraine boosted shipments to make up for smaller supplies from South America, it said.
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