Import of edible oil in the year 2017-18 may hit a record high. This is likely due to the fall in the availability of oil from domestic sources. Also, the oilseed production has decreased and on the contrary, there is an increase in the consumption of oil.
As per the data compiled by the Solvent Extractors’ Association, 14.27 million tonnes of vegetable oil has been imported for the 11-month period ending in September 2017. This is higher to 13.57 million tonnes of oil that was imported during the corresponding period, last year. Another 1.2-1.3 million tonnes of import in October will take the import of oil to 15.5 million tonnes, thereby creating a record high.
For the oil year 2017-18, there is scarcity in sowing and crop damage due to flooding has increased in the major growing regions. These factors have contributed towards a reduction in Soybean crop size. As compared to the last year, when the Soyabean oil output was 12 million tonnes, this year it is forecast at below 9 million tonnes.
It has been estimated that a mere 4% increase in the per capita consumption adds around 0.8 million tonnes of demand each year. Therefore, the lower acreage and dependency on imported edible oil would increase, stated the industry sources.
As per the data compiled by the Solvent Extractors’ Association, 14.27 million tonnes of vegetable oil has been imported for the 11-month period ending in September 2017. This is higher to 13.57 million tonnes of oil that was imported during the corresponding period, last year. Another 1.2-1.3 million tonnes of import in October will take the import of oil to 15.5 million tonnes, thereby creating a record high.
For the oil year 2017-18, there is scarcity in sowing and crop damage due to flooding has increased in the major growing regions. These factors have contributed towards a reduction in Soybean crop size. As compared to the last year, when the Soyabean oil output was 12 million tonnes, this year it is forecast at below 9 million tonnes.
It has been estimated that a mere 4% increase in the per capita consumption adds around 0.8 million tonnes of demand each year. Therefore, the lower acreage and dependency on imported edible oil would increase, stated the industry sources.
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