India's vegoil import seen up 5.7pc in 2011/12

MUMBAI: India's vegetable oil imports in the 2011/12 financial year beginning in November could rise by up to 5.7 percent, to 9.2-9.3 million tonnes, despite steady domestic output as rising prosperity will boost demand, a leading industry analyst Dorab Mistry said on Saturday.

India, the world's biggest importer of edible oils, is expected to import 8.8 million tonnes in the current year ending in October, according to industry forecasts.

The country buys mainly palm oil from Indonesia and Malaysia and a small quantity of soyoil from Argentina and Brazil.

"Edible oils imports in 2011/12 should be higher than in the current year ... our imports should go back to 9.2-9.3 million tonnes," Mistry said.

Imports totalled 9.2 million tonnes in the year to October 2010.

Copyright Reuters, 2011