India slashes egg price in reaction to Oman ban
Poultry prices are on a decline this week due to piling up of stocks after Oman imposed a ban on import of poultry products from India, the Hundu Business Line reports.
The National Egg Coordination Committee (NECC), Namakkal zone, has effected a 15-paise (15/100th of a rupee) cut in egg prices from last week's INRs 2.30 (€0.03) a piece.
Oman receives one-third of its poultry in exports from India, estimated to be around two crore (20 million) eggs a month. The poultry industry, of which Namakkal accounts for nearly 95%, is finding it difficult to clear this backlog of eggs everyday that the ban has casued. The fear is that it could lead to further drop in prices of this perishable commodity. Hence, to perk up domestic consumption and to avoid building up inventories over the summer, the industry has opted for slash prices on domestic eggs.
Exporters fear that Oman's move may worsen their business prospects further, and are actively searching for other markets on which to off load their eggs.
For information click on to The Hindu Business Line
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