REUTERS - India’s edible oil imports are likely to rise to 15.90 million tonnes in the 12 months through October 2018, up from an estimated 15.14 million tonnes shipped this marketing year, a leading Mumbai-based vegetable oil brokerage said on Thursday.
Lower oilseed production in India, the world’s biggest edible oil importer, rising demand and population growth are boosting demand for imported oils, Sandeep Bajoria, chief executive of Sunvin Group told an industry conference in Kiev.
“India’s soybean crop is lower this year, some areas had too much and while others remained dry,” he said, according to prepared remarks. “Overall, oilseed production will be lower.”
Imports of sunflower oil into India are set to rise because of competitive prices compared with soybean oil, Bajoria said.
Sunflower oil imports, mainly from Ukraine, are set to rise to 2.2 million tonnes in 2016/17 (Nov-Oct) after remaining steady at around 1.5 million tonnes over the past three years.
By 2022/23, India is forecast to buy 3.5 million tonnes of sunflower oil, he said.
Soybean oil was quoted at $840 a tonne, including cost insurance and freight (CIF) in India as compared with sunflower oil priced at $815 a tonne, Bajoria said, in additional comments made by telephone from Kiev.
Reporting by Naveen Thukral; Editing by Kenneth Maxwell