NEW DELHI: India’s oilmeal exports fell 74 percent from a year ago to 53,866 tonnes in February on lower crushing of soybean and as cheaper South American animal feed continues to flood traditional markets, a leading trade body said on Monday.
India, a leading exporter of oilmeal to southeast Asia, sold 1.09 million tonnes of meals overseas in the 11 months to February compared with 2.26 million tonnes in the same period last year, the Mumbai-based Solvent Extractors’ Association said in a statement.
Exports of soymeal fell 88.5 percent to a record low of 70,390 tonnes between April 2015 and February 2016. Indian oil processing units are running at their lowest-ever capacity as soybean prices have risen after two straight years of drought and exports of meal continue to remain weak.
