India`s edible oil import may jump by 35%: COOIT.

The Central Organization for Oil Trade and Industry (COOIT) is anticipating that India's vegetable oils import may soar by 35% on the back declining prices in global market, reports Business Line.

Davish Jain, President  of  Central Organization for Oil Trade and Industry (COOIT) said that  the country is likely to purchase about 8.5 million tons of vegetable oils, both edible and non-edible, this oil year (November-October) which is 35% more than the last year`s import.

India, the largest buyer of vegetable oils after China, had imported 6.31 million tons in the 2007-08 season. Jain attributed the surge in imports to falling prices in the international market. Besides, he said the duty-free regime which is prompting local traders to make large-scale purchase from the overseas markets.

The annual domestic consumption, too, would rise to about 13.5 million tons compared with over 12.5 million tons last year, he said.