Oilmeal export earnings to dip by R300 crore following China ban

With China imposing a ban on the import of oilmeal from India from the start of this year, the country’s earnings from export of the commodity are expected to drop by about R300 crore in the current fiscal.The rhythm of oilmeal exports from India would be broken in the last quarter of 2011-12, with the Chinese ban coming into effect from January 1, an industry body said. “We expect to incur a loss of about R300 crore due to the ban imposed by China on shipment of oilmeals from India,” Solvent Extractors Association of India (SEA) executive director B V Mehta said. India exported 344,000 tonnes of oilmeals worth about R400 crore to China in the April-December period of the current financial year before the ban came into effect, he added.

Source: Financial Express