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Exports of oilmeal, which is used as animal feed, plummeted 78 per cent to 58,549 tonnes during the last month as shipments to Iran dropped sharply because of US sanctions, industry body SEA said Friday.
The country had exported 2,63,644 tonnes of oilmeal in May, 2018.
India has stopped importing crude oil from Iran from May 2 after the US sanction waiver expired and the Trump administration refused to extend it.
“Iran is a major export market for India as far as oilmeal is concerned. Because of the US sanction, our export volume has been affected badly. This trend will continue in the coming months,” Solvent Extractors Association (SEA) of India Executive Director B V Mehta told PTI.
India was able to export only 17,385 tonnes of soyabean extract to Iran during last month, the SEA data showed. The industry body, however, is trying other markets, especially China, to reopen for Indian oilmeal.
According to the SEA, soybean meal exports declined to 18,470 tonnes in May from 76,026 tonnes in the year-ago period, rapeseed meal shipment dropped to 19,519 tonnes from 1,33,916 tonnes and rice bran extraction fell to 4,200 tonnes from 45,382 tonnes.
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