Foreign trade in edible oil – 20.43 billion deficit in 11 months

During the 11 months of the current Fiscal Year, Nepal has incurred a deficit of Rs. 20.43 billion in foreign trade of kerosene. According to the latest data released by the Customs Department, the trade deficit has been in the import-export trade of oil for a period of 11 months.

Nepali industrialists and businessmen have been importing crude oil from abroad, processing it and exporting it to India. There are more than 20 refining industries operating in Nepal targeting the Indian market. These industries import crude oil from countries including Indonesia, Malaysia, Brazil, Argentina and Bolivia and Venezuela. Crude palm oil comes from Indonesia and Malaysia, while crude mustard, soybean and sunflower oil are imported from South American countries. Which is marketed to India by packaging after processing

Earlier, crude oil of mustard, soybean and sunflower was imported to Nepal even from Ukraine. However, the amount of oil coming to Nepal from Ukraine has decreased after the military attack by neighboring Russia. Similarly, the amount of crude oil coming from Russia has decreased due to the conflict with the neighboring countries, the data of the department has shown.

However, the Department has made public the statistics that Nepal is incurring the opposite loss by importing raw materials of non-manufactured goods and exporting them to foreign countries. In the last 11 months, Nepal has imported crude oil worth Rs 110.56 billion from various countries.

Out of which, soybean oil worth Rs 53.25 billion, palm oil worth Rs 39.59 billion and sunflower oil worth Rs 17.72 billion were imported. Adding all these oils together, it would be more than 110 billion. Of the total imported goods, only Rs 90.13 billion has been exported to India.

According to the latest statistics of the department, soybean oil has been exported the most from Nepal in the last 11 months. Nepal has exported soybean oil worth Rs 46.58 billion and palm oil worth Rs 39.10 billion during the period. Similarly, a total of Rs 4.45 billion worth of sunflower oil was exported during the period.