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Earnings from the oilmeal exports have increased by 48 per cent during 2017-18 at ₹4,758 crore as compared with₹3,219 crore last year, revealed the data shared by the Solvent Extractors’ Association of India (SEA).
The growth in the export earnings is attributed to higher export of rapeseed meal at 663,988 tonnes, which more than doubled over previous year; ricebran extractions at 594,129 tonnes (up 77 per cent) and castorseed meal at 572,762 tonnes (up 39 per cent).
In a statement issued on Monday, SEA stated, “The efforts made by SEA in promoting export of various oilmeals has yielded positive results. The export of rapeseed meal, de-oiled rice bran, castorseed meal and groundnut meal reached 1,837,720 tonnes valued at ₹1,850 crore as against 965,011 tonnes in 2016-17 worth ₹984 crore — indicating a 90 per cent jump.
Data revealed that FOB price for soyameal increased by over $100 per tonne in the last one year from $386 to $487 as on April 2018.
Among the major export destinations for India’s oilmeals were South Korea, France, Bangladesh and Vietnam.
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