Myanmar spends US$300m annually for palm oil imports

Myanmar has to spend more than US$300 million annually for the import of palm oil imports which amounts to over 300,000 tons every year, according to sources from local edible oil industry.

“It’s now more than a decade that Myanmar imports the oil annually. The imports are inevitable due to the country’s insufficient power supply and outdated equipment for edible oil production to run adequately. Local producers make edible oil from locally cultivated peanut, sesame and sunflower, but inadequately,” said Thein Han, the chairman from Myanmar Association of Edible Oil Traders and Producers.

Instead, it would be beneficial for the country if soybean oil is imported into the country, he added.

“Local producers usually export more peanuts in raw rather than the amount of edible oil made from it, as well as sesame seeds for local markets. So as there is a higher market demand for edible oil domestically, the palm oils are imported mainly from the countries such as Indonesia and Malaysia. Our country also produces the palm oil, but the quality is the lowest among others in the world. For example, if we can produce oil from soybean which makes 20 per cent edible oil out of it and the rest can be used for animal feed, it would be very beneficial for the country,” Thein Han concluded.

source: Eleven Myanmar

http://elevenmyanmar.com/business/3612-myanmar-spends-us-300m-annually-for-palm-oil-imports