Iran sanctions bring uncertainty for Indian soyameal exports
The Indian edible oil industry is worried about the possible impact that US sanctions on Iran could have on exports of oilmeal. Due to the prevailing uncertainty, they are apprehensive about signing on to contracts with Iran for soyameal and oilmeal exports.
Iran has been the third largest importer of Indian oilmeal, and exports got a major boost when Iran started paying for imports through the rupee payment mechanism. India was benefiting from the requirement of Indian soyabean meal for Iranian feed industries. In 2018-19, soyameal exports to Iran witnessed a huge surge to reach 508,050 tonnes, as compared to 22,910 tonnes in the previous year.