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India's oilmeal exports jump 35 pc so far in 2022-23
New Delhi: India's oilmeal exports during the first four months of the current financial year - April to July - were 35 per cent higher year-on-year at around 1.25 million tonnes.
During the same period last year, exports were around 927,555 tonnes, data compiled by edible oil industry body The Solvent Extractors' Association of India showed. Oilmeals are basically the residue left over after the extraction of oil from oilseeds, and they are widely used as livestock feed.
In July alone, oilmeal exports were reported at 227,247 tonnes compared to 191,663 tonnes in the same month.
"It is heartening to note during the first four months of the current year (2022-23), export of rapeseed meal has shown a quantum jump and reported at 851,212 tons compared to 479,572 tons i.e. up by 77 per cent. thanks to record crop of rapeseed and crushing resulted in highest processing, availability of rapeseed meal and export," the association said in a statement.
Currently, India is the most competitive supplier of rapeseed meal to South Korea, Vietnam, Thailand and other far east countries.
In the case of soybean meal, the exports are at the lowest level as India is still outpriced in the international market.
"Current price of soybean meal FOB Kandla is quoted at USD 675, while soybean meal Argentina CIF Rotterdam is quoted at USD 548 and Brazil at USD 534," it added.
During Apr to July 2022, South Korea imported 424,719 tonnes of oilmeals, Vietnam imported 226,606 tonnes of oilmeals, Thailand imported 156,821 tonnes, Bangladesh sourcing rapeseed meal and ricebran extraction from India and imported 144,667 tonnes, Taiwan imported 50,582 tonnes of oilmeals.
Kandla port handled most of the shipments at 38 per cent, followed by Mundra at 26 per cent, the association said. (ANI)