Peanut Market News May 22, 2021
AHMEDABAD: Riding on robust demand from China, groundnut oil exports from India is estimated to touch a record level 2.25 lakh tonnes in fiscal 2020-21, which shows a jump of 462% from 40,000 tonnes exported in 2019-20, suggest estimates by oil millers in Gujarat. The state accounts for about 85% of the groundnut oil exported from the country.
According to the latest data available with Indian Oilseeds and Produce Exports Promotion Council (IOPEPC), India exported groundnut oil to the tune of 2.13 lakh tonnes during April 2020 to February 21 as against 35,629 tonnes during the same period in fiscal 2020.
High demand from China on account of damage to its domestic crop due to flooding mainly resulted into higher exports of groundnut oil from India, said oil millers in the state.
“Our groundnut oil export is estimated to touch 2.25 lakh tonnes in 2020-21 following a high demand from China,” said Kishor Viradia, president, Saurashtra Oil Mills Association (SOMA).
Agreed Samir Shah, former president, SOMA, who stated that the demand from China surged as the groundnut production in the neighbouring country was down as its crop was hit due to flooding lastyear.
Meanwhile, groundnut crop within Gujarat was also damaged due to excessive rains. This coupled with the strong demand from China pushed up the groundnut oil prices in local markets. The average wholesale prices of groundnut oil are hovering around 2,600t o Rs 2,700 per 15kg tin, which were at Rs 2,200-2,300 per 15kg tin last year,” added Viradia.