Last Updated : 04 October 2012 at 14:05 IST
India’s edible oil imports may rise by 20% in MY 2011-12
India imported 818,640 mt oil in the November 2010-August 2011 period but in the November 2011-August 2012 period it has already imported 1,404,640 mt of RBD palmolein Similarly, 969,181 mt of sunflower oil (680,487 mt) and 927,970 mt of soybean oil (699,367 mt) have been imported by August-end in MY 2011-12 this year.
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NEW DELHI(Commodity Online): India's edible oil imports may rise by 20% due to the low crop output on account of deficit rains. Imports during the 10 month period from November 2011 to August 2012 reached 7.98 mt which was a rise of 20.7% according to data from Solvent Extractors Association.
According to estimates, India’s edible oil imports are likely to touch the 10 million tons (mt) mark in marketing year (MY) 2011-12, which runs from November 2011 to October 2012. Most of the rise in imports has come from RBD palmolein, sunflower oil and soybean oil, which is likely to continue.
Consumption of edible oil is growing at a far more rapid pace than production in India . Despite government’s incentives, the growers are not going for oilseeds crop as other cash crops are giving them better returns. Growers are also skeptical about oilseeds due to increased uncertainty about weather conditions.
India imported 818,640 mt oil in the November 2010-August 2011 period but in the November 2011-August 2012 period it has already imported 1,404,640 mt of RBD palmolein Similarly, 969,181 mt of sunflower oil (680,487 mt) and 927,970 mt of soybean oil (699,367 mt) have been imported by August-end in MY 2011-12 this year.
In NCDEX edible oil seeds such as castor seed, mustard seed are trading on a positive note. Castor Seed on NCDEX is trading at Rs 3400 in the November contract on Thursday at 12. 34 PM which is a gain of 1.25% . The NCDEX mustard seed for November delivery was seen traded at Rs 3833 on Thursday at 12.34 PM , which is a rise of 1.81%.Refined soy oil is also trading in a positive note in he NCDEX with a gain of 3.1% at 622.75 RS at 12.34 PM today.
