India's July oilmeal exports plunge 86% YoY: Solvent Extractors' Association

NEW DELHI: Oilmeals export fell sharply by 86 per cent to 18,410 tonnes in July as shipments of soyameal touched a historic low on account of high domestic prices of soyabean, industry body SEA said today.

Oilmeals export stood at 1,32,102 tonnes in July 2014.

During April-July period of this fiscal, export of oilmeals declined by 35 per cent to 4,92,086 tonnes compared to 7,57,907 tonnes in the corresponding period last year.

"Soybean crushing is very much reduced due to continuous disparity and high price of domestic market affecting overall domestic availability of both oils and meals.

"The export of soybean meal is at a historical low during current year and reduced month by month and reported 18,017 tonnes in April, 14,046 tonnes in May, 2,098 tonnes in June and just 928 tonnes in July 2015. Capacity utilisation is at the lowest and many plants are closing down due to disparity in crushing and export," Mumbai-based Solvent Extractors' Association of India (SEA) said in a statement.

South Korea is a major importer of Indian oilmeals.

During April-July 2015, South Korea imported 3,05,963 tonnes of oilmeals.

Thailand imported 13,558 tonnes, while Vietnam imported 95,972 tonnes and Taiwan imported 19,671 tonnes.

Iran imported 9,050 tonnes of oilmeals during April-July 2015, drop by 92 per cent as compared to 1,12,275 tonnes last year.