India’s Oilmeal Exports Fall 22% in November 2023: Industry Data – News18

Oilmeal exports fell 22 per cent annually to 3.17 lakh tonnes in November, mainly due to fall in shipment of rapeseed meals, according to industry data. In a statement on Monday, the Solvent Extractors’ Association of India (SEA) Executive Director B V Mehta said the export of oilmeals stood at 3,17,870 tonnes in November compared to 4,07,193 tonnes in the same month last year.

Rapeseed meals exports declined to 93,124 tonnes last month from 1,34,952 tonnes in the year-ago period while outward shipments of soyabean meals rose to 1,83,429 tonnes from 1,64,075 tonnes. As per the SEA data, the overall export of oilmeals during April to November period stood at 28,83,921 tonnes, up 21 per cent from 23,82,690 tonnes in the corresponding period of the previous year.

SEA said that there has been a surge in export of soybean meal. “International demand for Indian soyabean meals has benefited from improved price competitiveness and the shortage of Argentine export supplies in recent months,” the association said.

The total export of soyameals during April-November was at 8.57 lakh tonnes compared to 3.25 lakh tonnes during the same period of last year. The major consumer of Indian soybean meals are South East Asia countries, where India has a logistic advantage and also can supply in small lots.

During the last financial year (2022-23), SEA said that export of rapeseed meals was recorded at 22.96 lakh tonnes. “The trend of export of rapeseed meals continued in current fiscal year and reported at 16.07 lakh tonnes during April to November 2023 as compared to 14.74 lakh tons during the same period of last year, up by 9 per cent.

“Currently India is the most competitive supplier of rapeseed meal to South Korea, Vietnam, Thailand and other far east countries,” the association said.

(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)