India is expected to import a record 10.9 million tonnes (MT) of vegetable oils this year, up by 7 per cent over the last year, the Solvent Extractors’ Association (SEA) said today.
The world’s second largest cooking oil consumer had imported 10.19 million tonnes of vegetable oils in 2011-12 oil year (November-October). More than 80 per cent of total imports comprised of palm oil.
“The import of vegetable oils during 2012-13 is likely to increase by about 5-7 lakh tonnes and estimated in the range of 10.7 million tonnes to 10.9 million tonnes,” Mumbai-based SEA said in a statement.
Domestic vegetable oil production is expected to improve marginally to 8.19 million tonnes in the current year but overall oilseeds crop is seen slightly lower at 25.61 million tonnes over the last year, it said.
Of the total oilseeds crop production this year, about 15.8 million tonnes of production is expected to come from the kharif (summer) season, while the rest 9.79 million tonnes from the rabi (winter) season, it added.
The country’s overall production of nine oilseeds stood at 26 million tonnes in the last year.