Indian oilmeals export up by 59% in Apr-May
India exported 9.30 lakh tonnes (lt) of oilmeals during April-May of 2023-24 against 5.86 lt in the corresponding period of 2022-23, recording a growth of 58.6 per cent.
Data available with the Solvent Extractors’ Association (SEA) of India showed that India exported 4.36 lt of oilmeals during May 2023 against 2.54 lt in May 2022, recording a growth of 71.9 per cent.
BV Mehta, Executive Director of SEA of India, attributed this growth in the export of oilmeals to the sharp increase in the export of soyabean meal and rapeseed meal during the first two months of the fiscal.
Soyameal benefits
He said the fall in the price of soyabean to the level of ₹4,900 a quintal in the local market from the highest level of ₹7,640 a quintal in April 2022 made the export of soyabean meal attractive in last few months. This helped revive the export of soyabean meal from 43,601 tonnes during April-May of 2022-23 to 2.91 lt during the corresponding period of 2023-24.
Indian soyabean meal (ex-Kandla) was quoted at $595 a tonne as on June 19. The major consumers of Indian soyabean meal are South East Asian countries, where India has a logistic advantage and also can supply in small lots.
Being non-GMO, Indian soyabean meal is being preferred by certain European countries and the US. The rupee depreciation is also pushing the overall export, he said.
Rapeseed meal competitive
On the export of rapeseed meal, he said India exported 4.80 lt of rapeseed meal during April-May of 2023-24 against 3.98 lt in April-May of the previous financial year.
Currently India is the most competitive supplier of rapeseed meal to South Korea, Vietnam, Thailand and other Far East countries at $270 a tonne (FOB India). Rapeseed meal Hamburg (ex-mill) is being quoted at $316 a tonne.
Top importers
South Korea, Thailand, Vietnam and Bangladesh were the major importers of Indian oilmeals during April-May 2023-24.
During the period, South Korea imported 1.89 lt of oilmeals (compared to 2.16 lt in April-May of 2022-23) from India. This included 1.56 lt of rapeseed meal, 25,554 tonnes of castorseed meal, and 7,898 tonnes of soyabean meal.
India exported 1.42 lt of oilmeals (1.25 lt) to Vietnam during April-May 2023-24. This included 41,607 tonnes of ricebran extraction, 52,895 tonnes of rapeseed meal, 47,341 tonnes of soyabean meal, and 442 tonnes of groundnut meal.
Thailand imported 1.52 lt of oilmeals (61,539 tonnes) from India during the period. This included 1.43 lt of rapeseed meal, 4,714 tonnes of soyabean meal, 3,166 tonnes of ricebran extraction, and 701 tonnes of castorseed meal.
India exported 1.93 lt of oilmeals (70,574 tons) to Bangladesh. This included 20,235 tonnes of ricebran extraction, 53,553 tonnes of rapeseed meal, and 1.19 lt of soyabean meal.
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