Oilmeal export dips 52% in FY16

Oilmeals export dropped 52 per cent to 1.18 million tonnes (mt) in 2015-16, against 2.46 mt the previous year, due to a sharp fall in soyabean shipments, the Solvent Extractors' Association (SEA) said on Wednesday. In value terms, export fell 65 per cent to Rs 1,510 crore, compared to Rs 4,298 crore in 2014-15. "Lower production of soyabean, coupled with high price in the domestic market resulted in to drastic fall in crushing, leading to disparity in export of soyabean meal," SEA said.

Exports to South Korea, Thailand, Indonesia, Taiwan, Iran, Vietnam, Myanmar and Cambodia drastically reduced in 2015-16 due to price disparity, owing to severe competition from other origins, including China and Argentina.

India lost the Vietnam market for soyabean meal due to stiff competition and increased availability from domestic crushing of imported soyabean, the SEA statement said.Iran has shifted soyabean meal buying from India to other countries, while Bangladesh has moved to import of soyabean for domestic crushing.

According to the SEA data, soyabean meal exports has dropped to 70,820 tonnes in 2015-16, from 6,59,593 tonnes last year.

Exports to other destinations like Thailand and Taiwan also dropped during the 2015-16.