Soyameal exports down 86% in July, says SOPA

By: | Published: August 8, 2015 12:07 AM

Exports of soyabean meal in July, 2015 were just 929 tonne as compared to 6,682 tonne during the same period of last year, showing a decline of 86.09%.

Exports of  soyabean meal in July, 2015 were just 929 tonne as compared to 6,682 tonne during the same period of last year, showing a decline of 86.09%.

The export during April-July 2015 was 35,089 tonne as compared to 93,423 tonne in the same period of previous year, registering a decrease of 62.44%.

During the current oil year, (October-September), total exports during October 2014 to July 2015 were 5,84,716 tonne as against 20,58,003 tonne last year, showing a decrease of 71.58%, a statement issued by the Soyabean Processors Association of India (SOPA) said.

The fall in exports is due to uncompetitive Indian soyabean meal prices and bumper production in the US, Brazil and Argentina, enabling them to offer it at a much lower price than India, Davish Jain, chairman of the association, said.

We hope that soyabean prices in the coming season will be at a level at which Indian exporters can offer competitive rates and we will be able to regain some of our export markets, he said.

Last month SOPA had requested finance minister Arun Jaitley to increase customs duty on edible oil imports to protect domestic interests with global prices at five-year lows.

The association pitched for an increase in customs duty to 25% on crude edible oil and 30% on refined varieties.

The Centre had raised import duty of crude and refined edible oil by 5% each last December. However, price of soya oil slid 18.2% between January and July.

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