Oilmeal exports dropped 55% YoY in October, says Solvent Extractors Association of India

India's oilmeal exports have dropped 55 per cent year-on-year in October, said the Solvent Extractors Association of India (SEA). The country exported 105,085 tonnes of oilmeal 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 per cent against the 17,32,916 tonne oilmeal exported over the same period last year.

SEA said high minimum support price (MSP) of soybean in the country leads the Indian soybean oilmeal to become costlier than that of other countries. "This is the reason our oilmeal is losing out in competition from other countries," it added.