MARKET DEVELOPMENT
Edible Oil Imports May Rise up to 11%: Solvent Extractors's Association Prez
Edible Oil Imports May Rise up to 11%: Solvent Extractors's Association Prez
26/01/2016 (Economic Times) - Edible oil imports could rise as much as 11 per cent to a record 16 million tonnes in the 2015/16 marketing year started on November 1, the head of a leading trade body said in a statement on Monday.
Higher purchases by the world world's biggest importer of edible oils could support global palm oil and soyoil prices.
"Looking at the crop situation and local availability, I won't be surprised to see the (imports of) record 15.5 million tonnes to 16 million tonnes in the current oil year," Pravin Lunkad, president of the Solvent Extractors's Association said.
In 2014/15, India had imported a record 14.4 million tonnes.
India fulfils nearly three-fourth of its edible oil requirement through imports. It mainly buys palm oil from Indonesia and Malaysia and soyoil from Argentina and Brazil.
Higher purchases by the world world's biggest importer of edible oils could support global palm oil and soyoil prices.
"Looking at the crop situation and local availability, I won't be surprised to see the (imports of) record 15.5 million tonnes to 16 million tonnes in the current oil year," Pravin Lunkad, president of the Solvent Extractors's Association said.
In 2014/15, India had imported a record 14.4 million tonnes.
India fulfils nearly three-fourth of its edible oil requirement through imports. It mainly buys palm oil from Indonesia and Malaysia and soyoil from Argentina and Brazil.