Krishi VaartaOutlook Agriculture
Export of Castor Oil Decreased by 8.75%
In the domestic market, castor oil exports have fallen due to high prices. Exports of castor oil decreased by 8.75% to 45,897 tonnes in the current financial year 2019-20.
According to Khushal Raj Pareek, Managing Director of Castrol Oil Exporting Company Oswal Agri Impex, castor oil prices in the domestic market are high due to which exports have decreased. He said China's export deals are currently rising from $1,720 to $1,730 a tonne in castor oil and there has been a monthly increase of about $20 to $30 a tonne. Total exports in the current financial year are estimated to be lower than last year due to the insufficient availability of castor seed in the domestic market as a result of lower production.
According to the Solvent Extractor’s Association of India (SEA), the export of castor oil in the financial year 2018-19 has decreased by 13.82% to 5.61 lakh tonnes. According to the industry, the production of castor seed in crop season 2018-19 is estimated to be only 11.27 lakh tonnes as compared to 14.33 lakh tonnes in the previous year.
Source: Outlook Agriculture, May 25, 2019
If you find this information useful, click on the yellow thumbs up sign under the photo and also share this with your farmer friends using the options given below.