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Wednesday, October 27, 2021
    Nepal Breaking NewsBusinessIn fiscal year 2020-21, refined oil exports will increase by 350 percent

    In fiscal year 2020-21, refined oil exports will increase by 350 percent

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    In the fiscal year 2020-21, refined edible oil exports surged by approximately 350 percent over the previous year.

    to statistics, Rs 38 billion worth of soybean and sunflower oil was exported through this point in 2020-21. The total amount of refined oil shipped was 208,204 tonnes. This is a 350 percent increase over the previous fiscal year’s shipment of 61,970 tonnes. In the 2019-20 fiscal year, Nepal exported 61,550 tonnes of refined soybean oil and 420 tonnes of sunflower oil. Palm oil shipments from Nepal to India restarted on October 8, 2018, after India granted export clearance. India has once again imposed a restriction on the import of palm oil. As a substitute, the chose soybean and sunflower oil.

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    Nepali enterprises refine and export semi-manufactured oil imported from other nations to India. When importing crude oil from other nations, Nepali importers must pay a 10% customs charge.

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