The Hindu Business Line : Oilmeal exports zoom on weaker rupee

Mumbai, Dec. 5 Despite fall in price, oilmeal exports realisation zoomed 412 per cent to Rs 881 crore in November against Rs 172 crore registered in October, according to Solvent Extractors’ Association of India data.

Weakening of rupee against dollar helped exporters reap a better realisation even as prices fell across board. Rupee value against dollar fell from 39.32 on November last year to around 50 this year.

Export of oilmeals jumped to 6.48 lakh tonnes (lt) in November against 5.90 lt in the same period last year. Between April and November, India exported 33.15 lt against 23.07 lt in same period of last year. Soyabean meal exports rose to 23.75 lt (14.24 lt), rapeseed meal 6.60 lt (5.36 lt) and groundnut meal 27,033 tonnes from 12,275 tonnes. However, export of other oilmeals such as rice bran extraction and castor seed extraction have decreased in the first eight months of the financial year 2008-09.

Prices Drop

Prices of all the oilmeals dipped from its October level and what was prevailing last year. Soymeal fell 23 per cent to $278 a tonne from $362 a tonne logged in the same period last year. Groundnut meal was down 8 per cent to $237 a tonne and castorseed meal 5 per cent to $100 a tonne.

Demand

Following the Solvent Extractor Association delegations visit to South-East Asian countries in May 2008, Vietnam has shown quantum jump in import of oilmeals from India and is reported at 8.74 lt against 7.56 lt last year.

South Korea reported import of 5.21 lt compared to 3.98 lt last year. Japan emerged as big importer and bought 4.71 lt against 3.16 lt last year.

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