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Oilmeal export plunges 52%Oilmeal export plunges 52%
Exports at 1.09 million tonnes in the first 11 months of the financial year, compared to 2.26 mt in the corresponding period last year
BS Reporter | Mumbai
March 7, 2016 Last Updated at 22:33 IST
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India's exports of oilmeal, largely used for bird and animal feed, dropped 52 per cent between April 2015 and February 2016, due to lower domestic output as crushing mills reduced their operation capacity on disparity.
Data compiled by the apex industry body, the Solvent Extractors' Association (SEA), showed exports at 1.09 million tonnes (mt) in the first 11 months of the financial year, compared to 2.26 mt in the corresponding period last year. It was four mt in the comparable period of 2013-14.
In February alone, India's export fell 74 per cent to 53,866 tonnes from 208,499 tonnes in the same month last year.
"Soybean crushing is very much reduced due to continuous disparity and high price affecting availability of both oils and meals. Capacity utilisation is at the lowest. The industry is passing through a very tough time and many plants have been closed or are operating at very low capacity. Rapeseed meal export is also reduced to one-third of last year," said SEA.
The export of soybean meal is at a historical low of 70,390 tonnes during the first 11 months of 2015-16, compared to 613,676 tonnes in 2014-15 and 2,558,781 tonnes during the same period of 2013-14. Currently, export price of Indian soybean meal is quoted at $480 per tonne against Argentina origin soybean meal CIF (cost, insurance and freight) Rotterdam at $321 per tonne. Indian soybean meal is totally out-priced by $160 per tonne in the international market.