Domestic edible oil import may touch USD 15 bn in FY15

Edible oil imports are expected to grow over 60 per cent to USD 15 billion in 2014-15 due to fall in oilseeds' production during kharif season, says a report.
"India's import bill on account of edible oils is expected to touch USD 15 billion as against USD 9.3 billion during 2013-14, due to 10 per cent shortfall in the oilseeds production in kharif, impacted by the El Nino (phenomena) effect," the report by industry body Assocham said.
The three major kharif oilseeds - sunflower, groundnut and soyabean -- this year witnessed a fall in production by 35 per cent, 31 per cent and 1 per cent, respectively.

As of now (till mid October), India has imported more than half of its domestic edible oil requirements, it added.
There has been some regional level volatility in edible oils prices, Assocham Secretary General D S Rawat said.
However, prices of edible oils since April 2014, reflected that there has been no perceivable build up in the retail prices of edible oils across the country, it said.
It has been seen that the groundnut oil price are highly volatile, barring the southern region, it has fluctuated widely in rest of the regions. Similarly, sunflower oil prices have also declined in the southern and western regions, the report said.

Thus, there has been no significant impact of build-up of prices of these commodities despite their expected short supply from domestic sources, it added.