MUMBAI: Edible oil imports could rise as much as 11 per cent to a record 16 million tonnes in the 2015/16 marketing year started on November 1, the head of a leading trade body said in a statement on Monday.
Higher purchases by the world world’s biggest importer of edible oils could support global palm oil and soyoil prices. “Looking at the crop situation and local availability, I won’t be surprised to see the (imports of) record 15.5 million tonnes to 16 million tonnes in the current oil year,” Pravin Lunkad, president of the Solvent Extractors’s Association said.
In 2014/15, India had imported a record 14.4 million tonnes. India fulfils nearly three-fourth of its edible oil requirement through imports. It mainly buys palm oil from Indonesia and Malaysia and soyoil from Argentina and Brazil.
