Skip to content

India pips China to regain position as world’s largest edible and palm oil importer

January 15, 2010

India reclaimed its position as the premier edible oil importer after China in 2009 after a six year hiatus. India dethroned China by importing 8.4 million tonnes of crude edible oil, up 35 percent. Comparatively, China imported 8.16 million tonnes of edible oil, up 8.4 percent last year.

India also became the largest importer of palm oil in calender year 2009, importing 6.4million tonnes.

A lower oil seed output, an appreciating currency and zero import duties during the last few months meant India become the world’s largest edible oil importer after China.

Largely agrarian, India saw the worst monsoon in 37 years last year. The agricultural ministry also said that India’s summer-sown oilseed output fell to 15.2 million tonnes from 17.8 million tonnes a year ago and the rupee, which appreciated 3.4 percent in the October-December quarter, rose to Rs 45 per dollar on Monday, its strongest since September 22, 2008. Further, due to high inflation rates which peaked in December 2007 near 20 percent, Delhi relaxed import taxes from April 1, 2008, dropping crude vegetable oil import tax and slashing duties on refined oils from 27.5 percent to 7.5 percent.

India’s oilseed imports are expected to rise further. “I think these factors will push the country’s vegetable oil imports between 9.0 and 9.5 million tonnes in the current oil year,” SEA Executive Director B.V Mehta told Reuters. India’s oil year runs from November to October.

Advertisements
One Comment leave one →
  1. December 16, 2010 6:13 am

    “We believe that companies and individuals need more than just legal and tax guidance while navigating China and India, as result Inchin Closer aims to be your one-stop guide to hold you through the complicated and fun aspects of these two dynamic nations.”
    You can more about this?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: