Oilmeal exports fell by 59 per cent to 1,20,091 tonnes in August from 2,91,466 tonnes a year ago led by a sharp drop in the overseas sales of soyameal and rapemeal.
Soyameal exports, which make up the bulk of sales, fell to 10,005 tonnes in August from 1,65,610 tonnes a year ago, the Solvent Extractors' Association of India (SEAI) said in a press release.
Shipments of rapemeal also fell last month to 68,401 tonnes (1,04,608 tonnes).
“High price of soyabean seed has resulted in low availability of soyameal for local and export buying.
Lack of buying by Iran and disparity in export of soyameal due to high price in local market led to a steep fall in its exports,” SEAI said in the release.
Total oilmeal exports during April-August fell by 16 per cent at 14,57,663 tonnes (16,94,301 tonnes), according to the data.
Meanwhile, Iran has emerged as the top importer of Indian oilmeals in the first five months of this fiscal. During the April-August period, Iran's import nearly quadrupled to 4,56,133 tonnes from 1,18,212 tonnes in the year-ago period.