'Oilmeal exports unlikely to escalate in coming months'
Deepak Kumar | The Dollar Business Even as India’s oilmeal exports recorded a marginal growth of 4% in September, industry experts believe that the shipments are unlikely to witness a significant growth in coming months. “We are not expecting a healthy exports trend in coming months. There are several obstacles ahead including high oil and bean prices, and they are pulling down India’s oilmeal exports. Overall exports are already down by more than 30% in the first six months of the current financial year over the same period in 2014-15. We need some strict measures,” B V Mehta, Executive Director of the Solvent Extractors’ Association (SEA), told The Dollar Business. Oilmeal exports in September registered a growth of 4% and reached 1.14 ...
Industry seeks tariff hike on edible oil imports
Deepak Kumar | The Dollar Business Indian edible oil industry has expressed hope that an increase of import duty on the inward shipments of vegetable oil will curb its surging imports and protect the interest of the domestic oil industry. Earlier, the Union ministries as well as the oil industry had requested the Ministry of Finance to hike import duty on edible oil to reduce its imports. Congress leader Ahmed Patel urged Finance Minister Arun Jaitely to increase duty on both crude and refined vegetable oils imports and also to announce a policy to encourage domestic production. “We had requested the government to increase the import duty on edible oil because the recent surge in imports has been discouraging for the ...
Indias oilmeal loses major share in Iran market
The Dollar Business Bureau | @TheDollarBiz Source - Solvent Extractors Association of India High domestic prices and prospects of a reduced crop this year have virtually knocked India out of key oilmeal destinations in Iran, EU and Southeast Asia. According to the Solvent Extractors Association of India (SEA), India’s oilmeal exports have plunged to 950,599 tonnes during April – September 2014, down 43% from around 1.65 million tonnes exported in the same period last year. In September 2014, total oilmeal exports from India stood at just 82,749 tonnes, down 73% from 301,717 tonnes shipped in September 2013. While domestic prices remain high, conditions have changed dramatically in the international markets in the last few months. Some sanctions on Iran ...
