17/4/07 HAMBURG (Reuters) - China and India are set to sharply raise their vegetable oil imports and signs are Argentine soyoil is benefiting, Hamburg-based oilseeds analysts Oil World said.

Booming economies and rising populations mean China and India are set to import a combined 7.4 million tonnes of the main edible oils and fats in April/Sept 2007, up 600,000 tonnes on the year, it forecast.

In Oct 2006/March 2007 their combined imports rose one million tonnes on the year to 6.6 million tonnes.

"Argentina benefited most from the uptrend in Chinese soyoil demand, boosting exports to 422,000 tonnes in Jan/March 2007 and export registrations for April have already exceeded 100,000 tonnes so far," it said. Argentina's April 2006 soyoil exports to China totalled only 33,000 tonnes.

However, palm oil was likely to cover 67 percent of China's import needs, although this would be down from 68 percent in the previous season.

India has also been importing more palm oil, but palm oil prices have risen significantly faster than soyoil prices in recent weeks.

"We thus consider it likely that soyoil will regain some share of the Indian import market in the near to medium term," it said.

At least 70,000 to 80,000 tonnes of Argentine soyoil have already been registered for export to India so far in April, up from a total 77,000 tonnes in Jan-March this year, it said.