India's oilmeals exports dipped by 91 per cent to touch a historical low at 1,7243 tonnes in January 2016 due to high prices of soybean meal in domestic markets, industry body SEA said today.
The overall export of oilmeals during April to January has come down by 51 per cent to 10.05 lakh tonnes as against 20.47 lakh tonnes in the same period last year.
"The oilmeals exports have touched lowest ever mark of 17,243 tonnes in January this year, as the soyabean prices are ruling substantially higher than the domestic prices. India majorly exports soya meal," Executive Director of Solvent Extractors' Association (SEA), B V Mehta told PTI.
As per the SEA data, export of soybean meal has touched a historical low at 69,263 tonnes in the first ten months of 2015-16 as compared to 5.49 lakh tonnes in the previous year.
Indian soybean meal is quoted at about USD 492 per tonne as against the Argentina origin soybean meal CIF Rotterdam at USD 335 per tonne, which makes the Indian soybean meal totally outpriced by about USD 160 per tonne in international market.
