Soymeal exports register 92% decline in November

Exports fall is due to high price of soybean in domestic market and lower realization for meal and oil, which resulted in fall in crushing The Dollar Business Bureau
Soymeal UAE, which was a leading importer accounting for 9050 tonnes of the total 18016 tonnes of India’s export during April this year, remained inactive in the start of the current oil year
    While India’s overall oilmeal exports fell by 41% in November, soymeal exports alone registered 92% year-on-year decline during the month, reducing to just 8,909 tonnes against 1.10 lakh tonnes shipped during the previous year. During the first two month of the current oil year (October-November 2015), total soymeal exports remained 13,147 tonnes as against 1.40 lakh tonnes of the previous year, registering a decrease by 90.64%, said the Soybean Processors Association of India (SOPA). On the basis of financial year data, soymeal exports during April-November period stood 55,892 tonnes compared to that of 2.37 lakh tonnes a year ago, showing a 76.45% decline, the SOPA added. SOPA had earlier termed soymeal export during the first eight months of the financial year as ‘historical low’. Besides, Indian soymeal has lost Vietnam market due to a stiff competition from other exporters and increased availability of oil from their domestic crushing units, the industry body had said in its earlier release. It had also raised concern over Japan, which has been a big importer of Indian soymeal, using genetically modified soymeal thus creating challenges for Indian soymeal market. After trade sanctions were lifted from Western countries, Iran also began importing soyameal from other suppliers. SOPA attributes exports fall to “high price of soybean in domestic market and lower realization for meal and oil, which resulted in fall in crushing and export of soymeal.” According to the country-wise data, Malaysia stood as the leading importer of India’s soymeal during November, followed by Vietnam and Oman. UAE, which was a leading importer accounting for 9050 tonnes of the total 18016 tonens of India’s export during April this year, remained inactive in the start of the current oil year. Bahrain, Kuwait, Japan, Myanmar and Oman were the other top importers in the start of the current financial year, among the twenty three major importing nations.  

December 07, 2015  | 05:00pm IST

The Dollar Business Bureau - Dec 07, 2015 11:32 IST
 
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