Export Of Soybean Oil Increases Sharply

December 31, 2020 | Investopaper

The export of Soybean oil has increased sharply in the first five months of the current fiscal year. In the five months period, soybean oil worth more than Rs 13 billion has been exported. According to the latest figures from the customs department, soybean oil topped the list of exports with Rs 13.50 billion.

In the last fiscal year 2076/77, Soyabean oil worth Rs 3 billion was exported. Soybean oil is exported from Nepal to India only. Nepal has spent Rs 14.60 billion on the import of soybean that is used to produce soyabean oil. Until Mangsir, Nepal has imported soybeans worth more than Rs 11.30 billion from Argentina alone. Apart from this, soybean is also imported from Brazil, China, and Indonesia.

In the last two years, soybean oil exports have witnessed a similar cycle to palm oil exports. Palm, which is not produced in Nepal, is imported from abroad and processed in Nepal and its oil is exported to India. The industrialists had been importing palm and processing it in Nepal and exporting it to India using the concessional customs facility provided by India to Nepal. The same trend has been seen in soybean oil. The export of soybean has increased due to the increase in oil exports to India using the facility of exemption in customs duty.



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One thought on “Export Of Soybean Oil Increases Sharply

  • January 2, 2021 at 1:38 am

    It can bring a big change in stock market


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