Export of soybean oil increased by 11,000 percent in last fiscal year

Kathmandu: Nepal exported the highest amount of soybean oil out of the total goods exported by Nepal in the last fiscal year 2024/25.

Similarly, sunflower oil is the fourth most exported goods after iron products and yarn. Nepal imports the raw materials of these goods and exported after processing and packaging. The export of these goods witnessed an unusual growth in the last fiscal year.

According to the Trade and Export Promotion Centre, the export of soybean oil increased by more than 11,000 percent in the last fiscal year. Of the total export of Nepal last fiscal year, soybean oil alone stood 38.5 per cent. Out of total export worth Rs 277 billion, soybean oil worth Rs 106 billion was exported.

As per the report released by the Centre, the export of iron and iron products decreased by 6.01 per cent in the last fiscal year. Similarly, sunflower oil export increased by 7,436 per cent and Nepal brought Rs 12.33 billion from its export.

Nepal brought Rs 14.40 billion to the country after the export of yarn had increased by 19.85 per cent. However, the export of readymade clothes had decreased by 2.39 per cent and it was limited to Rs 8.75 billion while the export of plywood had also decreased by 4.26 per cent.

Likewise, the export of cardamom had also decreased by 3.24 per cent, tea by 26.64 per cent, oil cake by 22.80 per cent in the last fiscal year. Nepal’s export to India had increased by 117.8 per cent and reached Rs 224 billion. The export to India was 67.71 percent on the previous fiscal year 2023/24 and it increased to 81.10 per cent in the fiscal year 2024/25.

India, the USA, Germany, the UK, UAE, China, France, Australia, Japan, Italy, Turkey, the Netherlands and Afghanistan are the major destinations for Nepal’s export business. The raw materials for soybean oil is at the top of the country’s imports in the last fiscal year.

During the period, the raw materials for soybean oil witnessed an increase of 711.96 percent, amounting to Rs 108.95 billion. Likewise, the imports of the petroleum products decreased by 4.29 percent in the last fiscal year, reaching Rs 287.65 billion. Imports of iron and steels and their products increased by 10.18 per cent and reached Rs 162.5 billion during the period.

Similarly, the country imported machinery goods worth Rs 124.15 billion and the imports of electric and electronic goods totaled Rs 73.88 billion, while the imports of vehicles and their spare parts reached Rs 109.12 billion. But, the imports of palm oil decreased by 35.68 percent, reaching Rs 6.82 billion.

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