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Exports of oilmeals could be lower in the first half of the current financial year, mainly in view of soyameal being outpriced in the global market. The development is likely after the shipments of oilmeals doubled last fiscal.
The Solvent Extractors Association of India (SEA) has projected a drop in exports after shipments in April were lower at 3.03 lakh tonnes, compared with 3.21 lakh tonnes in March and 3.93 lakh tonnes in February this year.
BV Mehta, Executive Director of SEA, said Indian soyameal was “totally outpriced” in the international market compared to other destinations. This is mainly in view of soyabean prices rising to record of over ₹7,700 a quintal currently.
Between February and April, soyameal price increased over $200 a tonne, making Indian exports unviable in the global market.
Highlighting the export revival of oilmeals during the fiscal 2020-21, he said the export of oilmeals jumped to 36.8 lakh tonnes against 24.3 lakh tonnes in 2019-20. The export value nearly doubled to ₹8,850 crore in 2020-21 from ₹4,450 crore in 2019-20.
Soyabean meal
Referring to the likelihood of lower exports of oilmeals during first half of the fiscal, Mehta said: “It looks, in view of the lesser export of soyabean meal, local availability will be higher for domestic feed Industry.”
Data show tight supplies, not speculation, driving soyabean prices
The export of soymeal declined to 39,750 tonnes in April 2021, compared with 1.46 lakh tonnes in March 2021 and 2.47 lakh tonnes in February 2021. The average CIF export price of soyabean meal stood at $781 a tonne in April 2021, compared with $579 a tonne in March 2021 and $553 a tonne in February 2021.
India exported 15.64 lakh tonnes of soyabean meal in 2020-21 as against 6.92 lakh tonnes in 2019-20.
Rapeseed meal
He said the export of rapeseed meal likely to maintain same level as that of last year, as India is the competitive supplier to South Korea, Vietnam, Thailand and other far-east nations.
Rapeseed meal exports went up to 1.77 lakh tonnes in April 2021 against 84,276 tonnes in March 2021 and 37,790 tonnes in February 2021. The country exported 11.13 lakh tonnes of rapeseed meal in 2020-21 against 9.61 lakh tonnes in 2019-20.
SEA seeks more measures on speculative activity in soyabean
India exported 5.76 lakh tonnes of ricebran extraction during 2020-21 against 2.36 lakh tonnes in 2019-20. Mehta attributed this to the new demand from Bangladesh due to failure of its rice crop.
He said the export of castorseed meal is likely to be maintained at same level during 2021-22 as that of last year.
South Korea top importer
South Korea emerged as the major importer of Indian oilmeals in April 2021, followed by Thailand and Bangladesh. During April 2021, South Korea imported 1.15 lakh tonnes (15,664 tonnes) of oilmeals, Vietnam imported 38,038 tonnes (40,090 tonnes), and Thailand imported 44,749 tonnes (3,810 tonnes) of oilmeals.
Bangladesh, which is sourcing rapeseed meal and ricebran extraction from India, imported 42,024 tonnes of oilmeals during April 2021.
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