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Traders say groundnut oil export may double on firm Chinese demand

Wednesday, Dec 4 2019

 

Overseas shipments of groundnut oil are expected to double in 2019-20 (Nov-Oct) owing to higher demand from China, trade representatives said."We are witnessing a sudden spurt in exports of groundnut oil, with  exporters having booked orders worth over 30,000 tn in Apr-Nov this year," Saurashtra Oil Mills Association president Samir Shah said, adding "in effect, the exports of groundnut oil have already doubled". Last year, oil millers exported about 15,000 tn of groundnut oil. 

Demand for domestic groundnut oil is rising because of a smaller crop in China, he said.

 

"It seems that groundnut production in China is lower than expected. Moreover, there is political turmoil in some African nations and that is why China may be looking towards India to bridge the gap," Shah said. Groundnut production was expected at 17.5 mln tn, about 500,000 tn higher than last year.This is largely positive news for the 350 odd oil millers of Saurashtra region. Last year, around half the millers were forced to shut shop due to lower supply of the oilseed and lacklustre overseas demand."We anticipate that higher overseas demand for both groundnut seed and groundnut oil could see not just old stock being consumed but better demand for fresh arrivals," an oil miller said.

 

Groundnut oil has so far fetched $1,377-$1,400 a tn in the world market. If such demand sustains, prices of the oilseed could touch $1,600 a tn, an exporter said. A rise in prices is based on the demand expected from importers in central Asian countries like Ukraine.The kharif groundnut crop in 2019-20 (Jul-Jun) was at 6.3 mln tn against 5.4 mln tn the previous year, first advance estimates released by the farm ministry showed.Last year, total production of the oilseed was 6.7 mln tn.Gujarat, the largest producer, accounts for around half the country's kharif groundnut production

 

Source: http://www.cogencis.com/newssec

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