Jul 25, 2018, 4:19 PM

Import of raw vegetable oil down at 45% in Q1

TEHRAN, Jul. 25 (MNA) – According to the official statistics of Iranian Vegetable Oil Association, import of raw vegetable oil in the first three months of the current year (March 21-June 21) experienced a considerable 45 and 48 percent decline in terms of weight and value respectively as compared to the same period of last year.

Statistics show that import of raw vegetable oil including palm oil, sunflower oil, soybean, virgin olive, colza and coconut oil registered a significant 45 and 48 percent slump in the same period.

More than 90 percent of consumable oil is imported into the country while 9-10 percent of raw vegetable oil is produced in the country.

Some experts believe that lack of increase in vegetable oil price and insufficiencies in imports has been cited as the main factor behind considerable import decline in the country. On the other hand, vegetable oil is of the staples that subsidize currency is allocated to it.

It seems that the government has taken effective steps in line with more activating oil extraction factories coupled with supporting production of oily seed.

Apart from importing or producing vegetable oil in the country, it should be kept in mind that vegetable oil is consideration as a strategic goods.

MA/FNA13970503000459

News ID 136067