Oilmeal exports fall 78% in May as US sanctions hit Iran shipments: SEA

Press Trust of India New Delhi | Updated on June 07, 2019 Published on June 07, 2019

The trend is likely to continue in the coming months

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.

Published on June 07, 2019

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!


Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.