October 8, 2008

India's oil meal export has nearly been halved after heavy sales earlier in the year.

A leading trade body said on Tuesday, 7 October 2008 India's oil meal exports tumbled 48 percent in September from a year earlier after heavy sales in the first five months of the fiscal year that started in April depleted the feedstock.

The solvent Extractors' Association of India said in a statement exports fell to 188,450 tonnes from 362,594 tonnes in September last year, largely due to a slump in soymeal sales to 68,443 tonnes from 237,900 tonnes.

However, oil meal sales in April to September were up at 2.5 million tonnes from 1.45 million tonnes, with Vietnam, South Korea and Japan being the top three buyers.

B.V Mehta, executive director of the trade body said exports will pick up from November when there will be abundant supply of the soy crop.

Oilseeds like soy and groundnut are sown during the monsoon months of June and July and harvest begins from October.

Analysts say global demand of feedstock has been rising rapidly due to the growing poultry industry in Southeast Asia and other parts of the world.