Oilmeal exports down 85% in December

Concerned over availability of oil in the domestic market, the SEA has requested the government to reduce import duty to 5-10% from the current 30% on high oil content oilseeds The Dollar Business Bureau

Oilseeds imports will not adversely impact the Indian farmers as they are protected with an assured M.S.P. by the government

Oilmeal exports in December slumped by 85% due to a huge decline in Soybean crushing and negligible domestic production of both oils and meals. Last month, oilmeal exports stood at only 59,818 tonnes compared to 410,178 tonnes in December 2014. “The alarming declines of Indian oilseeds production and crushing are going along with booming import demand for vegetable oils and have brought oilmeal exports from India almost to a standstill,” the Solvent Extractors’ Association (SEA) said in a statement. The total exports during April – December 2015 contracted by 48% to 963,442 tonnes from 1,862,283 tonnes during the same period of 2014-15 and 3,202,981 tonnes of 2013-14. Soybean meal exports fell to a record low during the first nine months of 2015-16, amounting to just 61,556 tonnes as against 444,736 tonnes during the corresponding period of 2014-15 and 2,010,788 tonnes of 2013-14. Concerned over availability of oil in the domestic market, the SEA has requested the government to reduce import duty to 5-10% from the current 30% on high oil content oilseeds. The reduction in the import duty, according to the industry, will reduce inbound shipments of edible oil and enhance availability of oilmeals for domestic consumption. Oilseeds imports will not adversely impact the Indian farmers as they are protected with an assured M.S.P. by the government. South Korea is the leading importer of oilmeals from India, followed by Thailand, Vietnam, Taiwan, Japan and Oman.

January 07, 2016 | 04:15pm IST

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The Dollar Business Bureau - Jan 07, 2016 10:41 IST

Oilmeal exports down 85% in December

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