India likely to import record 10.9 MT of vegetable oils in 2012-13

India, the world’s second largest cooking oil consumer is expected to import a record 10.9 million tonnes (MT) of vegetable oils this year, up by 7 per cent over the last year. Domestic vegetable oil production is expected to improve marginally to 8.19 million tonnes in the current year but overall oilseeds crop is seen slightly lower at 25.61 million tonnes over the last year.

According to Solvent Extractors’ Association (SEA), the import of vegetable oils during 2012-13 is likely to increase by about 5-7 lakh tonnes and estimated in the range of 10.7-10.9 million tones. During 2011-12 oil year (November-October), India had imported 10.19 million tonnes of vegetable oils, of which more than 80 per cent of total imports comprised of palm oil.