Oil export earnings rise 17 per in 2009

April 8/09 - Despite facing a downturn in demand and consequently in prices since October 2008, India’s earning from oilmeal exports increased 17% to Rs 8,341 crore in 2008-09 even on a lower export volume. A firm trend in global markets during the first half of the FY09 has helped India beat the impact of recession on oilmeal exports.

Riding on substantial gains in price realisation in the first half of 2008-09, oilmeal continues to remain the highest export earner in the agri-commodity segment. During the year, it fetched about Rs 8,341 crore on an export volume of 5,421,607 tonne compared to Rs 7,109 crore against a volume export of 5,442,132 tonne in 2007-08.

Also Read :
-US institutions reluctant to end crises
-How Infosys managed to increase YoY profit
-Effect of Recession on Indian Economy
-Economies hit by recession
-Plan for World Economy Revival
-World's Strongest economies list
-US Economic recession-how it started

According to the Solvent Extractors’ Association of India (SEA), oilmeal exports in the first two quarters of 2008-09 jumped due to excellent demand and higher realisation of FOB prices. However, it stagnated in the third quarter. Exports declined heavily in the fourth quarter faced with a decline in meat and poultry production in its prime markets in South-east Asia, which happened due to dip in consumer demand for livestock products in the recession-hit countries.

posted under - Oilmeal earnings, oil exports, indian economy updates, economy of india, indian oil exports news, indian economy news, oilmeal in india, oilmeal exports