Addressing the 29th annual general meeting here last night, SB Jhaveri, chairman, Groundnut Extractions Export Development Association (GEEDA), said the performance was affected by the Asian financial meltdown, manifested in June 1997 in Thailand and soon engulfing Indonesia.

He said the exports showed a decline of about 48,500 tonnes in terms of volume, resulting in value realisation of Rs 54.98 crore.

The crisis exacerbated progressively from month to month resulting in massive depreciation in the values of currencies concerned vis-a-vis the us dollar.

The financial situation in major importing countries of Indian groundnut extractions was still volatile. A weak Japanese yen, a very weak rouble, stringent currency controls imposed by Malaysia and a mystery surrounding the Chinese yuan are some ofthe factors which would affect the exports, Jhaveri said.

Oilseed production in India has not shown the promise that was projected by the Technology Mission on Oilseeds (TMO) in March 1986.

Year after year, the gain in production of one or two oilseeds was offset by a significant drop in the case of some other major oilseeds.

If the kharif oilseeds crop production was on target, then there were setbacks in the rabi crop and vice versa, Jhaveri said and added, the stagnation in production as against the steady growth in population coupled with rising disposable incomes has led to an increased demand for edible oils which could be met only by higher imports.

The latest estimates has put the outturn of groundnut in Gujarat between 12 and 15 lakh tonnes. The good monsoon all over India promises a better outlook for the production if not a bumper crop, he said.

Taking all relevant factors into consideration, GEEDA has set a modest export target of about 3.0 lakh tonnes valued at an estimated Rs 150crores for the year 1998-99, he added.