Economy, Domestic Economy

284% Rise in Refined Vegetable Oil Exports

284% Rise in Refined Vegetable Oil Exports284% Rise in Refined Vegetable Oil Exports

Iran exported 2,318 tons of refined vegetable oil during the six months to Sept. 22, 284% higher compared to last year’s corresponding period, the Iranian Vegetable Oil Industry Association announced.

The country’s vegetable oil exports in the last fiscal year (March 2016-17) stood at 13,185 tons, registering a 51% increase compared with the year before when 8,734 tons were exported, IRNA reported.

Iraq and Afghanistan are the main export destinations for Iranian vegetable oil, which are followed by Armenia, Uzbekistan and Tajikistan.

Iran meets over 90% of its domestic demand for raw vegetable oil through imports, but exports over 10% of its refined vegetable oil to other countries annually.

According to statistics, Iran’s demand for raw vegetable oil stands at 1.5 million tons, 1.4 million tons of which are imported from Ukraine, South America and Malaysia, and the rest is procured via domestic production of oilseeds.

Experts believe there is an annual outflow of $4 billion that are spent on imports of raw oil, oilseed meal and soybean.

Iran’s per capita vegetable oil consumption is estimated to be 20 kilograms, 7 kilograms higher than the global average.

Colza is one of the main oilseeds cultivated in Iran. Last year’s production stood at around 69,000 tons.


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