India's oilmeals export revenue to soar by 46 pc in FY'08

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Mumbai, Jan 20 (UNI) India is likely to achieve the highest ever value realisation of Rs 5,000 crore from the export of oilmeals during the current fiscal, up by 46 per cent as compared to the last year, city-based Solvent Extractors Association of India Executive Director B V Mehta said.

The spurt in prices of oilmeals in the international market is increasing the value realisation of our exports. Inspite of dollar depreciation, exports revenues are projected strong because of the improving export price for Indian oilmeals, he said, adding that in value-terms, the country's overseas sale of oilmeals would touch its highest level of Rs 5,000 crore in 2007-08 financial year from Rs 4,100 crore previous year.

Currently, the export prices of castor meal have surged by 85 per cent to 120 dollars a tonne from 65 dollars a tonne last year.

Ricebran extraction has shot up to 212 dollars a tonne from 118 dollars. Groundnut meal has jumped to 315 dollars a tonne from 182 dollars, he added.

While prices of soyabean meal -- used in animal fodder -- have touched 416 dollars per tonne, up by 69 per cent from last year.

Mr Mehta informed that the prices of oilmeals have shot up in the global market due to short supply of the commodity in the major markets like Brazil and Argentina which is boosting our exports this year.

According to the SEA data, the major buyers of oilmeals -- Vietnam and China have scaled up their orders to the tune of 35 per cent till January, this year.

Vietnam, South Korea and China together have purchased over 20 lakh tonnes of oilmeals while the total exports from India stood at 37.98 lakh tonnes till January 2008, it said.

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