India's imports of edible oil is likely to hit a record level during the coming oil year of 2017-18 (November-October). A decline in availability from domestic sources is expected, following lower oil seed production and sustained increase in consumption.
According to data compiled by the apex industry body, the Solvent Extractors' Association, vegetable oil import at 14.27 million tonnes for the 11-month period ended September 2017, compared with 13.57 mt in the corresponding period last year. Another 1.2-1.3 mt of import in October would take the year's import to 15.5 mt, a record.
As for the oil year 2017-18, less of sowing and crop damage due to flooding in major growing regions has reduced the Sybean crop size. From last year's 12 million tonnes, Soybean output is forecast at below nine million tonns.
With four per cent increase in per capita consumption to add around 0.8 million tonnes of demand every year, and the lower acreage, dependence on imported edible oil would increase, industry sources said.
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