A huge increase in the export of rapeseed meal and soyabean meal helped India to record a growth of 76.78 per cent in the total export of oilmeals during the first 11 months of 2022-23.
Data available from the Solvent Extractors’ Association (SEA) of India showed that India exported 37.69 lakh tonnes (lt) of oilmeals during the April-February period of the current fiscal against 21.32 lt in the corresponding period of the previous fiscal.
Fall in soyabean price
BV Mehta, Executive Director of SEA of India, said the fall in the price of soyabean to the level of ₹5,200 a quintal from a high of ₹7,640 a quintal in April 2022 encouraged larger crushing and better price parity. This made the export of soyabean meal attractive.
India exported 7.87 lt of soyabean meal against 3.48 lt in the same period a year ago, recording a growth of 125.82 per cent.
As on March 10, Argentina soyabean meal price (ex-Rotterdam) was quoted at $608 a tonne while Indian soyabean meal (ex-Kandla) was quoted at $560 a tonne. Stating that the major consumers of Indian soyabean meal are South-East Asian countries, he said India has a logistic advantage and also can supply in small lots. Indian soyabean meal is preferred by certain European countries and the US because of its non-GMO nature. The rupee depreciation is also pushing the overall export, he said.
This helped India revive the export of soyabean meal in the new crop during November-February 2022-23 to 6.25 lt compared with just 1.72 lt in November-February 2021-22.
Rapeseed shipments soar
India exported 20.51 lt of rapeseed meal against 7.72 lt a year ago, recording a growth of 165.58 per cent. He said the export of rapeseed meal has set a new record in the first 11 months of 2022-23, and broke the earlier highest record export of 12.48 lt in the entire financial year of 2011-12.
He said India is the most competitive supplier of rapeseed meal to South Korea, Vietnam, Thailand and other Far East countries at $245 a tonne FOB India, while rapeseed meal (Hamburg ex-mill) is quoted at $379 a tonne.
Better realisation from rapeseed (mustard) oil and export of rapeseed meal not only supported domestic price of mustard seed but also encouraged larger sowing area under mustard crop. During the current rabi season, the area under the crop is around 98.02 lakh hectares (lh) when compared to 91.25 lh in the last season, up by 6.77 lh. He said India is expecting record mustard crop during the current rabi season.
Major export destinations
South Korea imported 8.80 lt of oilmeals from India during the period (5.72 lt during April-February of 2021-22). This included 6 lt of rapeseed meal, 2.45 lt of castorseed meal, and 34,773 tonnes of soyabean meal.
India exported 8.85 lt of oilmeals to Vietnam (5.14 lt). This included 3.72 lt of rice bran extraction, 2.33 lt of rapeseed meal, 2.73 lt of soyabean meal and 5,745 tonnes of groundnut meal.
Thailand imported 6.84 lt of oilmeals from India (1.44 lt). This included 6.24 lt of rapeseed meal, 47,396 tonnes of soyabean meal, 4,038 tonnes of groundnut meal, 7,397 tonnes of ricebran extraction, and 898 tonnes of castorseed meal.
India exported 4.45 lt of oilmeals to Bangladesh (3.30 lt). This included 98,172 tonnes of rice bran extractions, 2.66 lt of rapeseed meal and 80,424 tonnes of soyabean meal.
Taiwan imported 1.26 lt of oilmeals (85,779 tonnes). This included 74,830 tonnes of castorseed meal, 40,383 tonnes of rapeseed meal, 7,218 tonnes of groundnut meal and 3,796 tonnes of soyabean meal.
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