Indian oilmeals export record 30% jump in April-October as soyameal shipments revive

India exported 25.66 lakh tonnes (lt) of oilmeals in the first seven months of 2023-24 against 19.75 lt in the corresponding period of 2022-23, registering a growth of 29.89 per cent.

According to the data from the Solvent Extractors’ Association of India (SEA), export of oilmeals increased to 2.89 lt in October 2023 against 2.13 lt in October 2022, up 36 per cent year-on-year (y-o-y).

BV Mehta, Executive Director of SEA, said revival in the export of soyabean meal and surge in export of rapeseed meal contributed to this growth.

• Also Read: Oilmeals export up by 25.74% in August

Soyabean meal

Referring to the increase in overseas demand for Indian soyabean meal, he said price competitiveness has helped in the growth of soyabean meal exports from India.

India exported 6.73 lt of soyabean meal during April-October 2023-24 against 1.61 lt a year ago.

As aof November 16, soyabean meal (ex-Kandla) was quoted at $570 a tonne, while soyabean meal from Argentina (CIF Rotterdam) was quoted at $606 a tonne. This price competitiveness has boosted the export of Indian soyabean meal in the recent months.

• Also Read: Global soyabean prices may moderate on record supplies, says USDA 

Stating that South-East Asia is the major consumer of Indian soyabean meal, he said India has a logistic advantage to these destinations, and it also can supply in small lots. Being non-GMO, Indian soyabean meal has an advantage and is preferred by certain European countries and the US, he said.

Rapeseed meal

India exported 15.13 lt of rapeseed meal during April-October 2023-24 against 13.39 lt a year ago.

He said India is the most competitive supplier of rapeseed meal to South Korea, Vietnam, Thailand and other Far-East Countries at $325 a tonne (f.o.b. India). Rapeseed meal from Hamburg (ex-mill) was quoted at $335 a tonne.

India exported 22.96 lt of rapeseed meal in 2022-23. This was the highest ever since the export of rapeseed meal began from India, he said.

Ricebran ban hurting

However, Mehta said, the ban on export of de-oiled ricebran is hurting theprocessing industry.

India exports around 5-6 lt of de-oiled ricebran a year mainly to Vietnam, Bangladesh, and Thailand. India exported around 1.5 lt during April-July of 2023-24.

• Also Read: SOPA sees no big damage to soyabean crop 

Stating that the Union government prohibited export of of de-oiled ricebrant from July 28 until November 30, he said this decision has seriously affected domestic ricebran processors. SEA has sent representation to Parshottam Rupala, Union Minister for Fisheries, Animal Husbandry and Dairying, urging the Government to lift the prohibition on export of de-oiled ricebran, and not to extend it beyond November 30.

India exported 2.13 lt of castorseed meal during the first seven months of 2023-24 against 1.89 lt in a year ago.

Major importers

South Korea imported 5.22 lt of oilmeals from India during April-October 2023-24 against 5.60 lt a year ago. This included 3.75 lt of rapeseed meal, 1.22 lt of castorseed meal and 24,908 tonnes of soyabean meal.

During April-October 2023-24, India exported 3.10 lt of oilmeals (3.67 lt in corresponding period of previous fiscal) to Vietnam. This included 90,540 tonnes of ricebran extraction, 1.69 lt of rapeseed meal, 49,180 tonnes of soyabean meal, and 905 tonnes of groundnut meal.

Thailand imported 4.41 lt of oilmeals (3.90 lt) from India during the first seven months of 2023-24. This included 4.29 lt of rapeseed meal, 6,789 tonnes of soyabean meal, 4,666 tonnes of ricebran extraction, and 701 tonnes of castorseed meal.

India exported 5.06 lt of oilmeals (2.06 lt) to Bangladesh during April-October 2023-24. This included 27,771 tonnes of ricebran extractions, 2.73 lt of rapeseed meal, and 2.05 lt of soyabean meal.

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