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Due to appreciating rupee value and heavy oil imports Soyameal exports feel difficulties

bl05 soymealThe Indian soya meal exports have become non-competitive according to the soya bean processing industry as Indian rupee value has increased and then there is in large quantities of edible oil import.

To increase the duty on the edible oil imports, the soya bean processing industry has urged the government. However, the rest of the edible oil industry feels that the government will not fulfil this demand

To the government Soyabean Processors Association of India (SOPA) has sent a letter saying that “in Kharif 2016, we have bumper soya bean production of 141 lakh tonnes and bumper production of other edible oils. Except this, at the previous year’s level import of edible oils has of 140 lakh tonnes.” Davish Jain who is the president of SOPA said that in the last one month, as domestic price of soyabean oil has fallen by 15%, so the margins of soya bean processors from edible oils have declined. With the 4% appreciation of Indian currency, this is coupled had rendered the export of soya meal in dollar terms non-competitive.”

During first four months of 2016-¬17 oil year, the vegetable oil import was 8% down because of the increase in the domestic edible oil availability, said by Solvent Extractors Association of India (SEA). Due to a good Kharif crop of oilseeds, the domestic oil availability has increased.

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