Soyabean oil imports likely to hit record high levels
A drop in domestic production of soyabean oil, coupled with the increasing consumption, is likely to result in record imports this fiscal.
Industry estimates that the country is likely to import more than 2 million tonnes (mt) of soyabean oil in FY15, the highest in a decade.
Soyabean oil imports jumped more than 7 times to 121,097 tonnes in November 2014, up from 14,980 tonnes in the year-ago period, according to data provided by Solvent Extractors’ Association of India (SEA).
As for production, the Central Organisation for Oil Industry and Trade (COOIT) has estimated soyabean crop output at 9.17 mt, down from 9.50 mt last year. Domestic soyabean oil production is expected to be around 1.30 mt, as against 1.40 mt last year.
The US Department of Agriculture has pegged the domestic consumption of soyabean oil in India at 3.45 mt (3.3 mt).
Source: Exim News Service
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