August 6, 2019 / 7:53 AM / 2 months ago

India's July soymeal exports plunge 59% y/y to near three-year low: trade body

MUMBAI (Reuters) - India’s soybean meal exports in July plunged 59% from a year ago to the lowest level in nearly three years as key buyers curtailed purchases due to higher prices, a leading trade body said on Tuesday.

The country exported 26,006 tonnes of soymeal in July, the lowest since September 2016, and down from 63,748 tonnes a year earlier, according to provisional data compiled by the Solvent Extractors’ Association (SEA).

The drop pulled down the country’s total oilmeal exports to 166,301 tonnes in July, 23% lower than a year ago, the association said in a statement.

Indian soymeal is nearly 20% expensive compared to shipments from rival south American countries, said a Mumbai-based exporter, adding that “even in August exports would fall sharply.”

New Delhi mainly exports soymeal to Iran, Nepal and Japan.

Reporting by Rajendra Jadhav; Editing by Subhranshu Sahu

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