Oilmeal exports dipped 86 per cent to 18,410 tonnes in July compared to 1.32 lakh tonnes (lt) in the same period last year as soyameal shipments plunged to a record low due to sharp drop in crushing of oilseeds by the domestic mills.
Exports in the four months of financial year was down 35 per cent at 4.92 lt (7.58 lt), according to data released by the Solvent Extractors’ Association of India on Thursday.
The high soyabean prices in the domestic markets resulted in lower crushing and fall in availability of both oil and meal. The export of soyabean meal hit a new low of 928 tonnes in July compared to 2,098 tonnes in June.
In May, the country exported 14,046 tonnes against 18,017 tonnes in April, reflecting the steady downfall in export of soyameal.
Capacity utilisation has been hovering at the lowest level with many plants inching closer to a shut down due to high crushing cost and low realisations, said BV Mehta, Executive Director, SEA.