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