In the first month of the current financial year (July), 71.7 million liters of soybean crude oil worth 10.80 billion 95 million rupees has been imported. Soybean crude oil imports in July were the highest volume and amount ever.
What you should know
Soybean crude oil has overtaken diesel as the top import trade. In the first month of the current financial year (July), 71.7 million liters of soybean crude oil worth 10.80 billion 95 million rupees has been imported. Soybean crude oil imports in July were the highest volume and amount ever.
Last year in July, 9.6 lakh 9 thousand liters of soybean crude oil worth 1.3 billion 79 lakh rupees was imported. Soybean crude oil was ranked 11th by the amount imported. In terms of amount, diesel was the number one import in July last year.
Soybean has become the first raw material, surpassing diesel, according to the foreign trade data of the Customs Department. In the public trade data on Friday, it is mentioned that after soybean crude oil, diesel was imported worth 5 billion 887 million rupees.
Soybean crude oil is the number one in export as well as import. Soybean oil worth 10 billion 695 million rupees was exported in July. Traders have been sending soybean raw material imported from third countries to India by increasing the price.
Export discounts and advance payment facilities make traders prefer to export soybeans to India rather than sell them domestically. Nepal imports crude oil from America, Argentina, Ukraine, Indonesia, Malaysia and Thailand. Soybean raw materials and oil have increased overall import and export trade.
In July, the country's total foreign trade has reached 1 trillion 66 billion 97 billion rupees. This amount is 18.75 percent more than last July. The total foreign trade in the month of July was 1 trillion 40 billion 600 million rupees. Similarly, import trade increased by 11.42 percent, the department said. According to the department, goods worth 1 trillion 43 billion rupees were imported in July. Last year in July, goods worth 1 trillion 28 billion 37 million rupees were imported. After soybean raw material and diesel, petrol is the third import.
Petrol worth 5.77 billion 1.4 million rupees has been imported in July. 4 billion 666 million 64 million rupees cooking LP gas, 3 billion 41 million smartphones, 3 billion 7 billion steel and iron have been imported. There is a data of the department that imported 1.54 billion 73 million corn, 1.1 billion rice, 1.5 billion apples, 1.5 billion palm oil (crude) in one month.
Most of the imported goods were imported from India worth 83.53 billion 99 lakh rupees. Secondly, the department said that goods worth 27 billion 996 million rupees were imported from China. Export trade also increased by 95.75 percent. Goods worth 23.93 billion rupees have been exported in the first month of the current financial year. Last year in July, goods worth 12.22 billion were exported.
Carpet is the second largest export after soybean oil. Carpets worth 82.5 million, palm oil worth 67.12 million, sunflower oil worth 65.14 million have been exported in July. In July, yarn worth 46.32 million, tea worth 37.45 million, cardamom worth 32.17 million rupees have been exported.
Out of the exports, India has exported goods worth 19 billion 45 crore rupees. According to the data of the department, 1 billion 54 million goods were exported to the United States in the second place, and 42 million goods were exported to Germany in the third place. The country's trade deficit has increased by 2.55 percent along with import and export. According to the
department, the trade deficit in July is 1 trillion 19 billion 10 million rupees. Business last July was 1 trillion 16 billion 15 billion. The government collected revenue of 36.81 billion 41 lakh rupees in July from imported goods.
