As India\'s soyameal export in 2015-16 declined to 50% of the previous financial year due to reduced demand from traditional markets, the industry has decided to explore the new markets like Africa, Middle East and certain developing countries in Asia.
The exports of oilmeals during financial year 2015-16 reduced to half from the previous year (2014-15) and 25% of financial year 2013-14. In terms of quantity is reduced from 43.8 lakh tonnes in 2013-14 to 11.8 lakh tonnes in 2015-16 and in value terms from 11,500 crores in 2013-14 to just 1,500 crores in 2015-16,\" stated a release from SEA.
In last two years, India lost traditional markets. Iran shifted to other origins, Vietnam switched from import of soya meal to import of bean, Japan switched over to GM soybean meal and neighbouring countries like Pakistan and Bangladesh moved to import of soybean from soyabean meal.
To start with, SEA plans to participate in the trade fair in Tanzania in July 2016 and also considering to depute a Techno-Commercial delegation to East African countries like Kenya, Uganda, Ethiopia and Rwanda sometime during middle of July to explore these markets, stated the release.
Source: The Economic Times