Slowdown impacts oilmeal exports

BANGALORE: The global economic slowdown has impacted India���s oilmeal exports, according to data from the Solvent Extractors Association of India. In February 2009 oilmeal exports were down at 4.4 lakh tonnes against 7.63 lakh for the same period last year.

Incidentally February was the second month running that Indian oilmeal exports have shown a decline, with January 2009 reporting a 33% year on year fall at 5.64 lakh tonnes (8.39 lakh tonnes in January 2008). In rupee terms, oilmeal exports fetched the country Rs 790 crore in forex earnings in February 2009.

"Stagnation in production of meat and poultry worldwide following financial crisis and pronounced slowdown in economic activity affected consumer demand for livestock products," a press release from the association said. Indian oilmeal notably soyameal used to be in heavy demand from many feed producers in south-east Asia and the Far-East as it is non- genetically modified(non GM) material.

However despite the negative news, the one bright spot remains that for the 11-month period ended February 2009, oilmeal exports have risen by a modest 10% at 5.05 million tonnes against 4.58 million tonnes reported for the same period ended February 2008. For the 11-month period the export earnings were pegged at Rs 7,790 crore.