India’s oilmeal exports have fallen by a massive 74 per cent during February, hitting the lowest level so far this fiscal.

Per export data compiled by the Solvent Extractors' Association of India (SEA), India’s overall oilmeal exports provisionally fell to 76,017 tonnes for February 2020, against 2,94,510 tonnes in the same month last year.

Also, oilmeal exports for the 11 months of this fiscal provisionally stood at 2,200,690 tonnes, 25 per cent down from 2,941,971 tonnes in the same period last year.

“This is mainly due to better price realisation for oilmeals in the domestic market compared to export realisation, coupled with increased domestic consumption,” the SEA noted in a statement on Friday.

It also noted that there is a silver lining for India’s oilmeal exports — a sharp increase in the export of castor seed meal, which is used as an organic fertiliser. Castor seed meal exports jumped nearly 41 per cent to 505,194 tonnes (359,351 tonnes).

While oilmeal exports to the US and South Korea reported growth, exports to traditional markets such as Iran, Vietnam and Thailand fell sharply. India exported about 165,838 tonnes (up 72 per cent) and 809,733 tonnes (up 15.78 per cent), respectively, to the US and South Korea.

During the period under review, Iran imported 95,145 tonnes of oilmeals from India (down 72 per cent), Vietnam imported 276,655 tonnes (down 53 per cent) and Thailand, 218,320 tonnes (down 27 per cent).

The international prices of oilmeals have softened on a month-on-month basis, even as they have remained high on a year-on-year basis.

Soyabean meal was quoted at $475 per tonne FOB Indian port, down about $10 per tonne from January rates, but $40 higher than last year’s levels.

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