Business

Oilmeals exports fall by 42 p.c. in August

more-in

On sharp decline in soyabean meal shipments, says Mumbai-based Solvent Extractors Association.

Oilmeals exports fell by 42 per cent in August to 91,834 tonnes on sharp decline in soyabean meal shipments, Mumbai-based Solvent Extractors Association (SEA) said on Monday.

The country had shipped 1,56,942 tonnes of oilmeals, used as animal feed, in the same period last year.

“Soyabean crushing is very much reduced due to continuous disparity and high price of domestic market affecting overall domestic availability of both oils and meals. Soyabean meal export is at a historical low,” Mumbai-based Solvent Extractors Association (SEA) said in a statement.

Lowest capacity utilisation

As a result, capacity utilisation is at the lowest and many plants are closed down due to disparity in crushing and export, it has said.

As per the SEA data, soyabean meal exports dropped sharply to 768 tonnes in August this year from 2,778 tonnes in the year-ago period.

Similarly, the shipment of rapeseed meal exports fell to 49,788 tonnes from 1,12,375 tonnes, while that of rice bran extraction declined to 8,500 tonnes from 19,656 tonnes in the same period last year.

Silver lining

However, castor seed meal exports increased to 32,778 tonnes in August this year from 22,001 tonnes in the previous year.

During the April-August period of this fiscal, oilmeals exports fell by 33 per cent to 6,09,748 tonnes from 9,14,849 tonnes in the year-ago period.

Exports to S. Korea decline

Exports to South Korea declined by over 9 per cent to 3,84,956 tonnes in April-August this year from 4,23,918 tonnes in the year-ago period. Similarly, the shipments to Thailand fell by sharply by 82 per cent to 17,142 tonnes in the said period.

India exports oilmeal to countries including South Korea, Thailand, Vietnam, Taiwan, Indonesia, Iran and European nations.

Why you should pay for quality journalism - Click to know more

Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | Jan 26, 2020 11:59:19 AM | https://www.thehindu.com/business/oilmeals-exports-fall-by-42-pc-in-august/article7624793.ece

Next Story