Import of vegetable oils in India is likely to increase to new record at 12.3 million tonnes (MT) in the 2014-15 oil year starting this month. This would be on account of slow start of domestic crushing which would boost demand for overseas supplies. The country is estimated to have imported 11.61 MT of vegetable oils in the 2013-14 oil year (November-October).
The country is likely to continue to import larger quantities of crude palm oil (CPO) and that will bring palm oil back into favour with Indian refiners. Palm oil imports is expected to rise to 8.75 MT this year from 7.71 MT in 2013-14, while shipments of soyabean oil as well as sunflower oil would be at 1.8 MT and 1.3 MT, respectively.
India meets 60% of its annual vegetable oil demand of 17-18 MT through imports. Palm oils make up 71% of the country’s total vegetable oil imports.