10/11/2014 (Bernama) - India's import bill for edible oils is expected to touch US$15 billion as compared with US$9.3 billion during 2013-2014.

This is due to a 10 per cent shortfall in oil seeds production in monsoon crops impacted by the El Nino effect.

The three major monsoon crops, namely sunflower, groundnut and soyabean witnessed a fall in production of 35 per cent, 31 per cent and one per cent, respectively, the Associated Chambers of Commerce & Industry of India (Assocham) revealed in its latest study.

"As of now (till mid-October), India has imported more than half of its domestic edible oil requirements," it noted.

According to the Solvent Extractors Association (SEA), the import of vegetable oils in India in September jumped by 21 per cent to 1,047,620 tonnes compared with 863,917 tonnes in September 2013.

The import consisted of 1,018,767 tonnes of edible oils and 28,853 tonnes on non-edible oils. Import of crude palm oil (CPO) is continuously on the uptrend, SEA said recently.

Assocham said imports have made India foot a high import bill and invite volatility into its market.