India is likely to export 65,000 to 70,000 tonnes of groundnut oil in the current crop year to October, a leading trade body said on Wednesday.
The country exported the oil for the first time in four decades during this crop year, selling 51,504 tonnes between November 2003 and February, the Solvent Extractors' Association of India said in a statement. India exported groundnut oil mainly to China, the United States and Europe.
Most of the export deals were inked between November and January when domestic prices were below world prices. Indian prices did not follow global trends during this period due to a bumper domestic output of groundnut.
World prices of groundnut oil were about $1,500 a tonne in August and September, more than double the average price of $687 during 2002.
India's groundnut output is estimated to surge 26 percent from a year ago to 7.05 million tonnes in 2003/04 following good monsoon rains.
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