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Soyameal exports jumped more than 18-fold to 1.83 lakh tonnes in August on strong demand and favourable global rates, an industry body said today.
Shipments of soyameal, used as animal feed, stood at 10,006 tonnes lakh tonnes in the same month last year due to high domestic prices of the feed that time, Soyabean Processors Association (SOPA) said in a statement.
In the previous month of July, soyameal shipments were at 1.07 lakh tonnes.
"Exports increased in August as domestic soyameal prices were almost in line with international market rates. The demand for soyameal has also increased," SOPA spokesperson said.
In the current oil marketing year (October-September) so far, soyameal exports decreased by 8.86% to 32.99 lakh tonnes compared with 36.20 lakh tonnes in the corresponding period of previous oil year.
"In comparison with July, supply of soyameal has improved in August and there was hardly any disparity between the domestic and international prices," SOPA said.
The majority of the exports were to Iran as it imported in the rupee under barter trade system. Besides, European nation and Indonesia were also major importers of Indian soyameal in August.
