First Business News Portal in English from Nepal
Vegetable oil pouring on vegetable oil background
KATHMANDU: The export of refined edible oil has increased by nearly 350 percent in the fiscal year 2020-21 as compared to the previous year.
As per statistics, soybean and sunflower oil worth Rs 38 billion was exported through this point in 2020-21. A total of 208,204 tons of refined oil was exported. This is about 350 percent more than the export of 61,970 tons in the previous fiscal year 2019-20. In 2019-20, 61,550 tons of refined soybean oil and 420 tons of sunflower oil were exported
Palm oil exports from Nepal to India resumed on October 8, 2018 after India granted export permission. India again banned the import of palm oil. The industrialists opted for soybean and sunflower oil as alternatives.
Nepali industries process semi-manufactured oil imported from third countries and export it to India. Nepali importers have to pay 10 percent customs duty while importing crude oil from third countries.
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