In a recent officials statement, the Indian government has imposed a ban on the exports of all types of edible oils for a period of next one year. The officials from the government have stated that the government has taken this decision in order to boost up the domestic supplies of edible oils and also to contain the rising prices of vegetable oils in the country. The officials added that this restriction has already been effective from 17th March and it will stay valid for one year.
Informing this, the Directorate General of Foreign Trade has also informed in a notification on its Web site that the main exported oils in India are the groundnut oil and coconut oil. According to a Mumbai-based vegetable oils trade body named the Solvent Extractors Association (SEA), the country has already exported about 30,000 tonnes of groundnut oil and 5,000 each of coconut oil and mustard oil during the first four months of this ongoing edible oil year.
The sources from the industry have informed that the duration of an edible oil year is from the months of November to October and India consumes about 10 million tonnes of edible oils per year. The country fulfills its requirements by importing almost half of that from overseas. The industry sources also informed that Indias vegetable oils imports increased by nearly three-fold to 4.30 lakh tonnes in the last month, if compared to that of 1.50 lakh tonnes in the previous year. The SEA further added that the imports of the non-edible oils also went up by four times at 84,237 tonnes during the same period.
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| Posted : 3/19/2008 |
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