Groundnut oil exports at 1 lakh tonne 7 months

Exports of groundnut oil from India crossed one lake tonne in the last seven months of the current oil year (November 2003-May 2004).

India started exporting groundnut oil after 40 years in November 2003.

According to data from the Solvent Extractor's Association of India (SEA), exports during the period touched 101,706 tonne and in May exports were at 7,000 tonne.

The US accounted for 50.6 per cent of the groundnut oil exports or 51,500 tonne, 43,588 tonne was exported to European countries amounting to 44.8 per cent of the total exports, 5.47 per cent went to China and the rest of the 1,050 tonne to other countries.

Monthly data reveal that in March 2004 exports were the highest at 29,552 tonne, while in February exports touched 8,000 tonne.

Exports in April rose to 13,650 tonne, while they slipped to 7,000 tonne in May. Exports were made at a free-on-board price between $1,000-1,100 per tonne fetching foreign exchange worth Rs 500 crore.

Exports demand helped to keep groundnut oil prices stable during the period. This also encouraged farmers to expand the area under cultivation of groundnut.

The trend is expected to boost production in the current kharif season.