India's annual oilmeal exports more than doubled in April on robust demand from Vietnam and Japan, a leading trade body said on Friday, registering a sixth consecutive monthly rise. Annual sales to Vietnam rose for two months in a row as the Southeast Asian country's economy picked up steam.
Japan also continued with higher annual purchases of animal feedstock from India, the leading Asian supplier, for the second straight month erasing concerns the disaster-hit country may reduce purchases. Oilmeal exports jumped by 145 percent to 501,497 tonnes in April from the same month a year ago, the Solvent Extractors' Association of India said in a statement.
"The annual sales to Vietnam rose by 244 percent in April, while the exports to Japan almost trebled," said B.V. Mehta, executive director of the Mumbai-based trade body. Soyameal exports, which constitute the bulk of sales, soared to 305,033 tonnes in April, the first month of the current fiscal year, from 60,264 tonnes a year ago.
India sold 102,775 tonnes of oilmeals to Japan and 77,470 tonnes to Vietnam. Overall oilmeal exports rose to 3.7 million tonnes in the current oil year that started last November from 1.9 million tonnes in the same period in 2009/10. The trade body attributed the rise to improved demand for animal feedstocks that are not produced from genetically modified oilseeds. Oilmeal exports in the 2010/11 fiscal year that ended in March rose to 5.1 million tonnes from 3.2 million tonnes a year earlier.
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