ITC to export 3,000 t of soyabean meal to China

ITC Ltd will export approximately Rs 30 crore worth of soyabean meal ? a raw material for producing poultry feed ? to China.

The Indian FMCG major on Wednesday entered into a memorandum of agreement with the Chinese importer Yunnan Huijia Imp and Exp Co Ltd for exporting 3,000 tonnes of soyabean meal.

The agreement was signed during an interaction between the members of Indian Chamber of Commerce (ICC) and a trade delegation from Yunnan province here. According to an ITC official, the contract will result into ?export of Rs 30 crore in immediate terms?.

Earlier, Mr Xiong Qinghua, Director-General, Department of Commerce of Yunnan province said that the trade volume between India and Yunnan increased to $680 million (Rs 3,060 crore) in 2010.

However, the balance of trade is heavily in favour of Yunnan as exports (mainly fertilisers) to India stood at $520 million (Rs 2,340 crore). Indian exports ? primarily iron ore and alumina ? clocked $160 million (Rs 720 crore) in 2010.

?We hope that bilateral trade between India and Yunnan province picks up in the coming years,? Mr Xiong said.

According to him, India accounts for over 5 per cent of Yunnan's foreign trade. The province is looking forward to areas like solar energy and natural resources as the driver of future growth in trade relations with India.