The promptly spreading coronavirus is set to dent India’s castor oil exports as uncertainty looms large above Chinese purchases in the backdrop of the coronavirus outbreak.
Industry professionals have expressed fears of continued dip in castor oil exports this yr. For the duration of the previous calendar yr, India’s castor oil and derivatives exports ended up hit by economic weak spot in China, triggering a drop in exports to the tune of about nine for each cent above 2018.
“China slowdown resulted in our exports to that country plummeting virtually sixteen for each cent (in 2019). With coronavirus hitting China, we are not guaranteed how items would pan out this yr. In worth phrases, castor oil and derivatives lead about $1.4 billion or about ₹10,000 crore to India’s export revenues,” mentioned Atul Chaturvedi, President of Solvent Extractors’ Association of India (SEA), whilst addressing the 18th International Castor Meeting