Increment in Export Quantities

From April to February of the current financial year, castor oil exports have risen by 3.84 percent, reaching 559,179 tonnes compared to 538,484 tonnes in the corresponding period of the previous year.

The Solvent Extractors Association of India (SEA) reported that castor oil exports in February alone surged to 56,561 tonnes, up from 47,340 tonnes in the same month last year. This increase underscores the growing international demand for Indian castor oil.

Value of Exports

In financial terms, castor oil exports in the first 11 months of the financial year 2023-24 achieved a value of approximately $83,72 million. This figure stands in contrast to the $108,33 million recorded from April to March in the previous financial year 2022-23, highlighting a shift in market dynamics and pricing.

Market Trends in Gujarat

On the domestic front, castor seed prices in Gujarat's markets have declined for the fifth consecutive working day. Prices fell by approximately $0,06 to a range of $13,56 to $13,92 per 20 kg. The state's mandis saw an arrival of 160,000 bags of castor seeds, indicating significant market activity.

Pricing Adjustments in Rajkot

In Rajkot, Gujarat the price for commercial castor oil dropped by $0,012and stands  at $14,18 per 10 kg, and the price for First Special Grade (FSG) oil also decreased by $0,012 and stands at $14,30 per 10 kg. These adjustments reflect the local market's response to broader economic conditions affecting the oilseed industry.

Overall, the castor oil market exhibits robust export growth amidst fluctuating prices, with significant trading volumes highlighting its critical role in the agricultural sector.