Groundnut exports jump on strong Chinese demand
India is sitting on a huge opportunity to capitalise on the Chinese demand for groundnut oil. India’s groundnut oil exports has reportedly trebled at 40-45,000 tonnes so far over last year, with most of it going to China.
According to trade sources, China has huge internal groundnut oil requirement, apart from re-export of India’s groundnut oil from China to other countries.
“China itself is a big-time producer and consumer of groundnut oil. China has a strong control over groundnut oil market across the globe. Looking at the trend of exports to China, we can say that it is not just for its internal consumption, but chances are China is re-exporting groundnut oil from India to other countries,” Sameer Shah, President, Saurashtra Oil Mills Association (SOMA), told BusinessLine.