India’s oilmeal export earnings up by 103% in 2022-23

Export of oilmeals from India witnessed a 103.33 per cent growth in terms of value and 82.58 per cent growth in terms of tonnage during 2022-23.

Data available with the Solvent Extractors’ Association (SEA) of India showed that India exported 43.36 lakh tonnes (lt) of oilmeals valued ₹11,401.30 crore during 2022-23 against 23.74 lt valued ₹5,607.09 crore in 2021-22.

BV Mehta, Executive Director of SEA of India, said the export earnings went up by up by 103 per cent due to sharp increase in export of soyabean meal and rapeseed meal.

India exported 10.22 lt of soyabean meal valued at ₹4,725 crore in 2022-23 against 3.72 lt valued at ₹2,206 crore in 2021-22.

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He said the fall in local soyabean price to the level of ₹4,500 a quintal from the highest level of ₹7,640 in April 2022, encouraged larger crushing and better price parity. This made export of soyabean meal attractive in the last six months.

Positive trends

South-East Asia is the major consumer of Indian soyabean meal where India has a logistic advantage and also can supply in small lots.

Mehta said the rupee depreciation is also pushing the overall export. This helped India to revive the export of soyabean meal in new crop since November 22.

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Export of rapeseed meal increased to 22.96 lt valued ₹5,188 crore in 2022-23 against 8.66 lt valued ₹2,035 crore in 2021-22. India’s rapeseed meal export broke the earlier highest record export of 12.48 lt in 2011-12.

He said currently India is the most competitive supplier of rapeseed meal to South Korea, Vietnam, Thailand and other Far-East countries. The better realisation from rapeseed (mustard) oil and the export of rapeseed meal not only supported the domestic price of mustard seed but also encouraged higher coverage under the mustard crop during the last rabi season.

Major importers

South Korea imported 9.14 lt of oilmeals from India during 2022-23 (compared with 6.43 lt in 2021-22). This included 6.15 lt of rapeseed meal, 2.58 lt of castor seed meal, and 39,928 tonnes of soyabean meal.

India exported 10.29 lt (6.09 lt) of oilmeals to Vietnam during 2022-23. This included 4.01 lt of rice bran extraction, 2.89 lt of rapeseed meal, 3.32 lt of soyabean meal and 5,877 tonnes of groundnut meal.

Thailand imported 7.80 lt of oilmeals from India during 2022-23 (1.51 lt in 2021-22). This included 7.05 lt of rapeseed meal, 58,067 tonnes of soyabean meal, 4,038 tonnes of groundnut meal, 11,208 tonnes of rice bran extraction, and 954 tonnes of castorseed meal.

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