High Oilseeds Output won’t Cut Oil Imports: Trade.

Mumbai: India's edible oil production is likely to increase by around 6.2 lakh tonne in the new crop marketing year that starts from November largely due to higher production of groundnut and soybean oil, but it won't be enough to stop the country from importing record vegetable oils next year as consumption rises on the back of increased per capita income and population growth.

The consumption growth is forecast to increase by around 4.4% because of increase in per-capita consumption and population growth of 1.32%, the Solvent Extractors’ Association (SEA) said here on Friday at the conclusion of its annual general meeting. The meet was held on the eve of 'Globoil India' conference. SEA said that per-capita consumption of edible oils is estimated to rise to 12.75 kg in 2010-11 as against 12.21 kg in 2009-10.

According to a forecast made by influential- edible oil analyst, Govindbhai Patel kharif oilseed production is projected to rise by around 18-20 lakh tonne with groundnut showing an increment of 7 lakh tonne and soybean showing an increment of 13 lakh tonne.

The forecast for the Rabi crop is also good largely due to good rains. “Sub-soil moisture might be better due to higher rains. Area under rabi oilseeds are likely to increase and yields may be better,’ Patel said.

Total production of oilseeds during 2010-11 is estimated to be around 140.80 lakh tonne as against 122.80 lakh tonne in 2009-10, SEA said, while rabi oilseeds production is expected at 91.30 lakh tonne as against 82.30 lakh tonne in 2009-10. Patel said the country's soymeal exports are expected to increase by 10.15 lakh tonne to touch 34 lakh tonne next year on the back of higher oilseeds production.

Edible oil imports to top 9 mt: Mistry

India's edible oil import is likely to touch 9.3 million tonne during 2010-11 largely due to higher per capita consumption and population growth with palm oil leading the race among all other edible oils imported into the country, influential edible oil analyst Dorab Mistry, who also heads the trading arm of Godrej International Ltd told reporters. Palm oil imports are projected at 7 million tonne for the next year by

Mistry said pushing the country as the largest importer of palm oil ahead of China. He said imports would increase despite the fact that India would produce more edible oil due to favorable weather. “Consumption is strong and continues to rise...

Source : financialexpress.com