Vegetable oil imports rise by a whopping 95% in April 2012

India’s vegetable oil imports have risen by a whopping 95% in April 2012, as per Solvent Extractors Association of India (SEAI). The rise has been on account of increased domestic demand for both edible as well as non-edible oil.

Vegetable oil imports have grown from just 475,123 tonnes in April 2011 to 925,334 tonnes in April 2012. The depreciating rupee and the rise in imports are likely to keep the prices of the commodity high.

India's overall import of vegetable oils during November-April 2011-12 also rose 31% to 4,714,963 tonnes compared to 3,603,541 tonnes, last year. During November-April 2011-12 period, import of refined oil (RBD Palmolein) was up by 89% to 919,507 tonnes, Palm Oil import has increased to 3,473,981 tonnes, soft oils import has increased to 1,129,162 tonnes.