Indian soymeal exports slumps in February

India's soymeal exports for February fell by 43% to 2.18 lakh tonnes (LT) on account of sluggish overseas demand, industry body SOPA said on Monday (March 8).

Soymeal shipments stood at 3.81 LT in the corresponding month last year, it said in a statement.

While China, Europe and Taiwan did not place any order last month, several others reduced the quantity, Indore based Soybean Processors Association of India (SOPA) said.

According to the SOPA data, soymeal exports to Korea declined to 19,424 tonnes in February from 25,807 tonnes in January, while to Iran dipped to 17,500 tonnes from 34,912 tonnes in the review period, it said.

However, shipments to major importing countries such as Indonesia and Vietnam remained stable. India shipped 23,896 tonnes and 1.02 lakh tonnes of soymeal to Indonesia and Vietnam, respectively last month, it added.

Soymeal exports for the current fiscal until February declined by 51% to 19.65 LT from 40.22 LT in the same period last year, it added.