New Delhi: Oilmeals exports declined sharply by 73 per cent to 98,871 tonnes in August due to high prices of soybean meal in the domestic market, according to the industry data.
Oilmeals exports were at 359,752 tonnes in August 2018, the data by Solvent Extractors’ Association of India (SEA) showed.
“This is mainly due to the higher price of domestic produce soybean meal, thanks to higher MSP of soybean. This made the domestic oilmeal expensive in international markets compared to other origins,” the SEA commented.
In the April-August period, oilmeals shipments dropped to 10,16,682 tonnes from 13,26,626 tonnes in April-August 2018.
Exports of castor seed meal rose to 247,820 tonnes during April-August 2019 from 188,040 tonnes in the same period of the previous year.
Soybean meals exports fell to 265,409 tonnes from 371,769 tonnes, while rapeseed meals exports declined to 414,805 tonnes from 565,007 tonnes.
During April-August 2019, Vietnam imported 147,869 tonnes of oilmeals as against 265,699 tonnes in the year-ago period, while South Korea imported 398,048 tonnes of oilmeals compared to 431,084 tonnes earlier.
Thailand imported 118,178 tonnes of oilmeals as against 135,229 tonnes earlier.