Oilmeal exports more than doubled to 3,07,733 tonnes in August against 1,25,780 tonnes registered in the same period last year.
This was largely due to fall in prices on the back of sharp rupee depreciation and better demand from the European countries.
Rupee depreciated five per cent to 62.81 versus dollar in August against 59.76 registered in July.
Soyabean and rapeseed meal prices were down nine per cent each at $520 and $232 a tonne against $571 and $254 a tonne in July, according to data released by the Solvent Extractors’ Association. Shipments to South Korea doubled to 90,275 tonnes against 41,426 tonnes in the same period last year, while that to Iran was higher at 1,08,617 tonnes (4,218 tonnes).
The European countries and the US bought oilmeal extract for the first time in the last one year. They purchased 45,101 tonnes and 202 tonnes of soyabean meal. France was another surprise buyer of 23,925 tonnes of soyabean extract.
DOWN SO FAR THIS FISCAL
In the first five months of this fiscal, exports were down 10 per cent at 13,35,695 tonnes (14,82,517 tonnes).
This was due to lower imports by Thailand, Vietnam and Indonesia.
India’s exports to South-East Asian markets declined by two-third as it was outpriced by competing countries.
Thailand imports from India dipped four per cent to 97,728 tonnes (1,02,266 tonnes).
Vietnam’s was down 74 per cent at 42,981 tonnes (1,65,778 tonnes) while Indonesia’s imports more than halved to 34,313 tonnes (96,900 tonnes).
However, exports to South Korea, Iran and European countries helped to arrest sharp slide in exports.
Between April-August, South Korea imported 4,16,043 tonnes of oilmeal against 3,95,569 tonnes last year.
It consisted of 1,85,958 tonnes of rapeseed meal and 2,30,085 tonnes of castor meal. Iran shipped 4,72,361 tonnes (4,56,133 tonnes) while Europe and others countries imported 1,79,382 tonnes (31,223 tonnes).