India's imports of vegetable oils jumped 21 percent in August from a year ago due to higher consumption in an expanding economy, and purchases in the oil year to October are seen rising 9 percent, a trade body said. Imports ticked up from the previous month as domestic oilseed stocks were whittled away as the end of the oil year nears.
India shipped in 622,813 tonnes of vegetable oils, which includes vanaspati or hydrogenated oil, in August, up from 515,972 tonnes in the same month of 2007, the Solvent Extractors' Association (SEA) of India said in statement. Imports in the first 10 months of the oil year that began in November 2007 were 4.76 million tonnes, against 4.29 million tonnes a year ago, and would rise to 6 million tonnes in the full year, the statement said.
"Rising imports in the fag-end of the year are common as there are not enough seeds to crush," said B.V Mehta, executive director of the SEA. Indian farmers will harvest the soybean crop from next month. India imports almost half of its annual domestic vegetable oil consumption of around 11 million tonnes. The country buys palm oil from Malaysia and Indonesia and soyoil from Brazil and Argentina.
India's August edible oil imports rose sharply to 569,538 tonnes from 469,234 tonnes in the same month last year, the SEA said. Edible oil imports from November 2007 were at 4.19 million tonnes against 3.76 million tonnes.
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