India will need to import more than one million tonnes of vegetable oils every month as rapeseed oil supplies will remain limited despite the record crop, predicted a Mumbai-based dealer with a global trading firm, who declined to be named. Get the latest news from India and how it matters to the world with the Reuters India File newsletter.
Could a rise in rapeseed production reduce India’s oil imports?
A rise in rapeseed production could increase local edible oil supplies and limit India’s imports of palm oil, soyoil and sunflower oil, which cost the country a record $15.7 billion a year ago.
Which country produces the most rapeseed oil in the world?
In 2019, world production of rapeseed oil was 24 million tonnes, led by Canada, China, and India as the largest producers, accounting together for 40% of the world total. Canada was the world’s largest exporter of rapeseed oil in 2019, shipping 3.2 million tonnes or approximately 76% of its total production.
Will India’s rapeseed output reach a record high in 2024?
India’s rapeseed and mustard output is likely to reach a record high in 2024 due to an expansion in the planted area and favourable weather conditions in key producing states, industry officials said. Higher rapeseed output will help the world’s biggest vegetable oil importer to cut back on expensive imports of palm oil, soyoil and sunflower oil.