Oilmeal exports dropped 55% y-o-y in October: SEA

New Delhi, Nov 8: 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 tonne of oilmeal during the month this year against 233,867 tonne 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 oilmeal 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.