U.S. Consumption of Imported Palm Oil Increasing

U.S. supplies of imported palm oil since 1965 have increased sharply to an estimated 200 million pounds for 1969. Palm oil is brought in duty free mainly from Indonesia and Malaysia where production is expanding rapidly. Palm oil prices have dropped in recent years resulting in more competition for domestically produced soybean oil. Imports of palm oil likely will continue to increase; world export availabilities are expected to triple by 1975. In 1969, around 160-170 million pounds of palm oil are expected to be consumed domestically, with approximately three-fourths going into shortening manufacture. The uptrend in domestic use is expected to continue.