Last Updated : 18 October 2012 at 19:10 IST
India Edible Oil imports touch record high of 8.96 mn MT
For the marketing year ending October 2012, India’s total edible oil imports is expected to be just a little under 10 million metric tonnes
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MUMBAI (Commodity Online): India’s edible oil imports have hit an all-time high level this year as consumption grows faster than production. During the 11 months’ period from November 2011 to September 2012, import of edible oils have already touched 8.96 million metric tonnes, which is perhaps the highest ever.
It may be noted that for the edible oils sector the marketing year is from November to October every year. With the addition of October month’s imports, the full 12 months from November 2011 to October 2012 will take the total year’s imports close to 10 million metric tonnes.
“Higher imports are not surprising, considering the fact that Indian production is unable to keep pace with strong demand from domestic consumers. Imports may go up even further next marketing year as there is likely to be a negligible growth in domestic oil supply. For the marketing year ending October 2012, India’s total edible oil imports is expected to be just a little under 10 million metric tonnes,” said Raju Choksi, Vice President (Agro-commodities), Anil Nutrients Ltd, a subsidiary of the Rs 650 crore plus agro and food processing major Anil Ltd.
Edible oil imports during the eleven months period from November 2011 to September 2012 rose by 19.6% to 8.96 mmt against 7.49 mmt in the corresponding period of last year, the data from Solvent Extractors Association showed. Most of the rise in imports has come from RBD Palmolein, Sunflower Oil and Soybean Oil.
India imported around 57% of edible oil demand in 2011-12, up from 49% in 2008-09, higher than the average of 55% during the last decade according to the data compile by SEA.
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