India's oilmeal exports reported a 63 percent year-on-year decline in July, falling for the seventh straight month due to slump in demand in the markets of Asia and China. Exports in July stood at 1,73,329 tonnes due to low demand in Vietnam, South Korea and Malaysia, according to the figures provided by the Solvent Extractors' Association.

B. V. Mehta, Executive Director of the Solvent Extractors' Association (SEA), said that decline in exports for July was supported by rumors of export ban by the government during the month.

According to SEA data, soymeal exports fell 79.4 percent to 58,268 tonnes, and the country exported 107,144 tonnes of rapeseed meal, 1,000 tonnes of castormeal and 6,430 tonnes of ricebran meal in the month of July.

Export to Vietnam stood at 238,232 tonnes, reporting a decline of 53.4 percent; while export to other countries such as South Korea, Japan, Indonesia and Thailand too fell by 65.3%, 62%, 55.7% and 56.2% respectively.

However, exports of oilmeal to China surged 4.8 per cent to 137,252 tonnes due to higher shipment of rapeseed meal.