Soyameal exports dips 8% to Rs 7,000 cr in Oct-Mar 2013-14

Soyameal exports fell by 8% to nearly Rs 7,000 crore in the first half of the current oil marketing year that started October last year due to lower shipments, according to trade data.

It stood at Rs 6,987 crore during October 2013-March 2014, against Rs 7,602 crore in the year-ago period.

Oil year runs from October-September.

In volume terms, exports fell by 24% to 19.65 lakh tonnes in the first six months of 2013-14 oil marketing year from 25.97 lakh tonnes in the corresponding period of previous year, according to Soyameal Processors Association of India.

At 5.87 lakh tonnes, Iran was the major importer of Indian soyameal in the first half of oil year.

India exported 1.25 lakh tonnes of soyameal to Belgium, 2.23 lakh tonnes to France, 1.13 lakh tonnes to Indonesia, 2.22 lakh tonnes to Japan, 1.6 lakh tonnes to Korea, 1.46 lakh tonnes to Thailand and 1.02 lakh tonnes to Vietnam.

During 2012-13 oil marketing year, India exported 3.4 million tonnes of soyameal, valued at Rs 10,591 crore.

India's soyameal exports, which constitute the bulk of oil meal exports, decreased by 27.50% to 2.32 lakh tonnes in March 2014 from 3.20 lakh tonnes a year earlier.

Soyameal exports fell by 10% in October-December quarter at 11.84 lakh tonnes.

However, shipments dropped sharply by nearly 50% to 7.8 lakh tonnes during January-March quarter, against 15.17 lakh tonnes in the year-ago period due to lower availability of soyabean, which led to lower crushing.

Madhya Pradesh is the largest producing state of soyabean, which is grown in Kharif season.