SPURRED by the rising demand from Far Eastern countries and higher production, Indias oilmeal export increased 64% to 44.2 lakh tonnes in 05-06 against 26.9 lakh tonnes in 04-05.
Though there has been a drop in oilmeal exports from India in the first quarter of the year, it has improved sharply in the subsequent period, leading to a 64% growth for the entire year.
However, with improvement in crushing margin from mid-05, oilmeal production has staged a recovery in the subsequent period. This has come as a major boost for Indian exporters to go overdrive in clinching export contracts from its big buyers in South Asia.
Ignoring the spectre of bird flu in this region, leading oilmeal buyers from this part of the world, including Vietnam, Japan, South Korea, China, Indonesia, Taiwan and Thailand, all queued up to buy Indian oilmeal.
Driven up by demand from these countries, particularly for Indian soyameal, overall exports of oilmeal from the country increased 152% in the second quarter, 73% in the third quarter and finally by 173% in the fourth quarter of 05-06.