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Corn exports poised to register 7-fold rise |
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20/08/2008 |
| Despite restrictions, exports of corn are likely to exceed three million tonnes in the marketing year ending September, an increase of over 7 per cent, Mr Amit Sachdev, India-based representative of the US Grains Council, disclosed.
The country exported a mere 0.4 million tonnes in the last marketing year.
The Union government had on July 3 banned the export of corn till October 15. Till July 3, a total of 2.5 million tonnes of corn was exported, traders revealed.
Exports were rising following the easing of restrictions, another trader pointed out.
After the ban, exporters with valid letters of credit were allowed to resume shipments on July 18.
Exporters, who had submitted shipments with the Customs before the ban order, were allowed to resume shipments earlier on July 10, paving the way for more exports, traders said.
Indian corn is preferred by South-East Asian nations at a landed cost of $ 300 a tonne, or less, as exports from the US cost about $ 320 a tonne, due to higher freight rates, traders admitted.
Besides the freight advantage, a bumper crop and an export curb clamped by China also helped Indian corn exports in 2007-08. |
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