Bangladesh 2009 palm oil import growth seen halving

Imports of palm oil by Bangladesh will grow at only half their average annual pace of 10 percent this year as the global economic downturn saps some demand, leading Singapore traders said on Wednesday. One trader said purchases from the South Asian country would rise only 5 percent to 1.26 million tonnes of mostly crude palm olein, which is sourced mainly from Malaysia.
"Bangladesh bought 1.2 million tonnes last year, which is equal to a growth of 10 percent," said the trader, who mostly deals with Bangladesh and Indian palm oil imports. Another trader said Bangladesh was looking to buy about 300,000 tonnes of crude palm olein for March to May shipment from both Malaysia and Indonesia, the top producers of the vegetable oil. Palm oil makes up about 80 percent of Bangladeshs edible oil requirements of 1.5 million tonnes, which is met mostly by imports, traders say.