India's exports of oilmeals fell by 73% in August at 98,871 tonnes on account of higher domestic prices of soyabean meal, according to data compiled by the Solvent Extractors' Association of India (SEA).
Export of oilmeals during August 2018 stood at 359,752 tonne.
The overall export of oilmeals during April-August 2019 declined to 10,16,682 tonnes as compared to 13,26,626 tonnes in April-August 2018.
"This is mainly due to higher price of domestic produce soybean meal, thanks to higher MSP of soybean. This made the domestic oilmeal expensive in international markets compared to other origins," SEA said in a statement.
Exports of castor seed meal increased to 247,820 tonnes during April-August 2019 from 188,040 tonnes in the corresponding period of the previous year.
Soyabean meals exports fell to 265,409 tonnes from 371,769 tonnes, while shipments of rapeseed meals declined to 414,805 tonnes from 565,007 tonnes.
During April-August 2019, Vietnam imported 147,869 tonnes of oilmeals as against 265,699 tonnes in the year-ago period, while South Korea imported 398,048 tonnes of oilmeals compared to 431,084 tonnes earlier.