Cooking oil sector now meeting local demand of Zimbabwe

Published 2023년 4월 16일

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Zimbabwe is producing 12 million litres of cooking oil per month, sufficient to meet local demand, according to the Oil Expressers Association of Zimbabwe president, Busisa Moyo. The sector's installed capacity is 32 million litres per month, but production is hampered by a soya bean shortage. The government has declared soya beans a controlled commodity and banned exports. The Reserve Bank of Zimbabwe's foreign currency auction market has been crucial in supporting edible oil producers by providing foreign currency for raw material procurement.

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Original content

Source: Cooking oil sector now meeting local demand | Sunday Mail Business Reporter ZIMBABWE is now producing 12 million litres of cooking oil per month, enough to meet local demand, according to Oil Expressers Association of Zimbabwe president Mr Busisa Moyo. Output, however, still remains markedly lower than the sector’s installed capacity of 32 million litres per month, says the official. Local edible oil producers are presently failing to use the available capacity due to a shortage of soya beans, which is the main raw material. Zimbabwe requires 241 000 tonnes of soya beans annually. However, farmers are optimistic of a significant harvest this year, after a 9 percent increase in the area under the crop in the 2022/2023 cropping season. According to the Zimbabwe National Statistics Agency, imports of crude and refined soya bean oil and fractions surged by 30 percent to US$290 million last year, from US$223 million in 2021. Government recently declared the crop a controlled ...

Source: Zimbabwesituation