February 10: Biratnagar customs alone has exported soybean oil worth Rs 4.85 billion in the second quarter of the current fiscal year.

This is a three-fold increment compared to the export of soybean oil during the last fiscal year.

The country is expected to export soybean oil worth Rs 10 billion by the end of the current fiscal year.

Nepali entrepreneurs used to import raw palm oil, process it and export the refined product. Ever since the Indian government imposed a ban on import of refined palm oil,  producers in Nepal have shifted their focus to export of soybean oil. This has resulted in a increase in export of soybean oil.

According to Biratnagar customs, soybean oil worth Rs 4.85 billion has been exported to India in the second quarter of current fiscal year. Soybean oil worth Rs 1.52 billion was exported in the corresponding period of last fiscal year. Export of soybean oil in the second quarter of the current fiscal year is more than the export during the whole of last fiscal year by Rs 56 million. During last FY, Nepal had exported soybean oil worth Rs 4.29 billion.

Export of soybean oil to India in fiscal year 2018/19 was worth Rs 86.86million. According to government data, industries stepped up the production of soybean oil after facing restriction on export of palm oil.

Soybean oil is being exported to India at zero percent customs duty in accordance to the provisions of the South Asian Free Trade Agreement (SAFTA).

A total of seven industries including Bagmati Oil of Agrawal Group, Sriram Refinery of Pradip Murarka, Everest Vegetable of Avinash Bohara, Quality Oil of Ghanashyam Kabara are currently engaged in export of soybean oil through Biratnagar customs.