Soyameal exports decline by 89% last fiscal

Country’s soyameal exports fell by 89 per cent last fiscal to 70,822 tonnes due to high price in the domestic market, according to industry data.
“India exported 70,822 tonnes soyabean meal in last fiscal, registering a decline of 89 per cent over 2014-15 fiscal when soybean meal exports were 6,46,488 tonnes,” Soyabean Processors Association of India (SOPA) said in a statement. Soyabean meal exports in March, 2016, was 430 tonnes compared with 46,670 tonnes in the same month last year.
“The fall in exports is due to uncompetitive Indian soyabean meal prices, owing to bumper soyabean production in the US, Brazil and Argentina, enabling them to offer soyabean meal at a much lower price than India,” SOPA Chairman Davish Jain said.
Source: India Today