India to import 9 mn tons of edible oil in 2011-12
Posted by Labels: Edible Oil, Import, India, USDA
NEW DELHI (Commodity Online): Vegetable oil imports of India likely to rise by 9 million tons in 2011-12 to meet the growing domestic demand for the commodity, according to Solvent Extractors’ Association (SEA)
In 2010-11, the imports of the edible oil fell 6.2% to 8.67 million metric tons during 2010-11 from 9.24 million tons in 2009-10 due to higher domestic output and rise in import cost due to weak Rupee.
According to a report published in April by USDA Foreign Agricultural Service, India's total oilseed production in 2011-12 is forecast at 35.6 million tons and the total edible oil production is forecast at 7.4 million tons.
Meanwhile, according to Dorab Mistry, director of the London-based Godrej International, the price of Crude Palm Oil (CPO)could go up by 25% to 4,000 riggets from the current 3,195 ringgit on reduced production from major producing countries, including Malaysia and Indonesia, reported Business Standards.
India is one of the largest importer of CPO, the rate hike would affect the Indian imports as well as the domestic price could move up.
Also the euro-debt crisis is likely to support the upward movement of the price of Crude palm oil.
The vegetable oil includes soybeen oil, crude plam oil, ground nut oil and Sunflower Oil among others.
Currently, the Ref Soybean Oil is trading higher by 0.60% to Rs 634.50 on National Commodity Derivative Excahange (NCDEX) on 16th November at 12:40 IST.
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