New Delhi: India’s oil meal exports have dropped 55 percent year-on-year in October, said the Solvent Extractors Association of India (SEA). The country exported 105,085 tonnes of oil meal during the month this year against 233,867 tonnes in October 2018, said SEA.
According to the Association, oilmeal exports from the country have seen a continuous decline this year.
India exported 13,92,564 tonne oil meal between April and October, a drop of 24 percent against the 17,32,916 tonne oil meal exported over the same period last year.
SEA said the high minimum support price (MSP) of soybean in the country leads the Indian soybean oil meal to become costlier than that of other countries. “This is the reason our oilmeal is losing out in competition from other countries,” it added.