India will buy more edible oil this year

India will buy more edible oil this year
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First Published: Thu, May 03 2007. 12 35 AM IST
Updated: Thu, May 03 2007. 12 35 AM IST
Reuters
Jakarta: India plans to import more than 5 million tonnes of edible oils in 2006/2007, up from 4.4 million in the previous period, the president of the Solvent Extractors Association of India said on 2 May.
A.R. Sharma told a conference in Jakarta that the South Asian nation would import between 3.5-3.7 million tonnes of palm oil products in 2006/2007 and 2.8-3.0 million of it would be sourced from Indonesia.
India imported 2.5 million tonnes of palm oil in 2005/2007 of which 2.2 million tonnes came from Indonesia. This year, the world’s second most populous nation would reduce imports of soft oils to 1.3-1.5 million tonnes, from 1.8 million tonnes in previous year, he said.
Sharma said increasing economic growth would increase the country’s demand for vegetable oils from the current level of around 12 million tonnes to more than 15 million tonnes in 2010.
Separately, Indonesia would export 13.2 million tonnes of palm oil this year, up from 12.1 million tonnes in 2006, said Derom Bandung, executive chairman of the Indonesia Palm Oil Producers Association.
“Exports would not increase much because of increasing domestic consumption for biodiesel,” Bangun told reporters.
Bangun said Indonesia would produce 17.4 million tonnes of crude palm oil in 2007, up from 15.9 million tonnes in 2006.
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First Published: Thu, May 03 2007. 12 35 AM IST
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