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Edible oil prices have been trending higher and are now increasingly volatile due to poor market transparency and the Russian invasion of Ukraine. Post forecasts MY 2022/2023 soybean imports up to 2.8 million MT, while local soybean production remains flat.

FAS Mumbai (Post) forecasts MY 2022/23 cotton production will increase by five percent to 27.7 million 480 lb. bales on an area of 12.7 million hectares, two percent higher than last year. Yields are expected to improve by two percent to 475 kilograms per hectare on the expectation of a normal monsoon.

On January 26, 2022, the Sri Lanka Standards Institution (SLSI) notified draft amendment standards for soya (soy) sauce to the World Trade Organization (WTO). WTO members are invited to provide comments on notification G/TBT/N/LKA/48.

Due to lower area and yields, wheat production in 2022/23 is forecast at 26.4 million metric tons (MMT), four percent lower than last year. To make up for the expected domestic shortfall, in 2022/23 wheat imports are forecast at 1.5 MMT.

On January 26, 2022, the Sri Lanka Standards Institution (SLSI) notified draft amendment standards (First Revision) for fruit concentrates used in squashes, fruit syrups, and fruit cordials to the World Trade Organization (WTO).

On January 26, 2022, the Sri Lanka Standards Institution (SLSI) notified draft amendment standards for jams, jellies, and marmalades to the World Trade Organization (WTO). WTO members are invited to submit comments on notification G/TBT/N/LKA/44.

On January 26, 2022, the Sri Lanka Standards Institution (SLSI) notified draft amendment standards for tomato sauce to the World Trade Organization (WTO). WTO members are invited to submit comments on notification G/TBT/N/LKA/43.

On January 26, 2022, the Sri Lanka Standards Institution (SLSI) notified draft amendment standards for chili sauce to the World Trade Organization (WTO). WTO members are invited to submit comments on notification G/TBT/N/LKA/41.

On February 1, 2022, the Sri Lanka Standards Institution notified draft amendment standards for fruit squashes, fruit syrups, and fruit cordials (Second Revision) to the World Trade Organization (WTO) and invites members to comment on notification G/TBT/N/LKA/42.

On January 26, 2022, the Sri Lanka Standards Institution (SLSI) notified draft amendment standards (number 2) for fruit juices and nectars to the World Trade Organization (WTO). WTO members are invited to submit comments on notification G/TBT/N/LKA/47.

On January 26, 2022, the Sri Lanka Standards Institution (SLSI) notified draft amendment standards (first revision) for ready-to-serve fruit drinks to the World Trade Organization (WTO). WTO members are invited to submit comments on notification G/TBT/N/LKA/45.

Due to the poultry industry’s slow recovery and sluggish consumer demand for edible oils, no significant growth in oilseed and edible oil use is forecast for 2022/23. Likewise, soybean, canola, and palm oil imports in 2022/23 are forecast to remain similar to 2021/22 levels.