News of

Market News

India’s oilmeal export up 39% in H1 as rapeseed meal shipments double.
Oct 20, 2022

A more than 100 per cent increase in the export of rapeseed meal during the first half of the current financial year 2022-23 helped India to record a 39 per cent growth in the overall export of oilmeals during the period.

According to Solvent Extractors’ Association of India (SEA) data, the total export of oilmeals increased to 17.71 lakh tonnes (lt) during April-September in the current fiscal against 12.76 lt in the corresponding period a year ago, recording a 38.82 per cent growth.

BV Mehta, Executive Director of SEA, said the export doubled and stood at 12.43 lt during the first half of the fiscal against 6.05 lt in April-September of 2021-22.

He attributed this to the record crop of rapeseed and crushing, which resulted in the highest processing, availability of rapeseed meal, and export.

Currently, India is the most competitive supplier of rapeseed meals to South Korea, Vietnam, Thailand and other Far-East countries at $295 a tonne (f.o.b.). The current price of rapeseed meal (Hamburg ex-mill) is quoted at $367 a tonne.

Soyameal

Referring to the soyabean meal export, he said, India was out-priced in the international market up to now. However, with the fall in local soyabean price to the level of Rs.5,000-5,100 a quintal, soyabean meal price also reduced to $500 a tonne (f.o.b.) from the highest level of $888 a tonne in March.

At present, soybean meal (ex-Rotterdam) currently quoted $559 a tonne. With the likely fall in international soyabean meal price and an expected good crop, coupled with substantial carry forward, the crushing will increase further.

Starting with the new season in November, the export of soyabean meal from India is likely to pick up post-Diwali. Indian soyabean meal has the advantage of being a non-GM variety and is preferred in certain European countries, he said.

Export of soyabean meal stood at 1.21 lt during April-September of 2022-23 as against 1.61 lt in the corresponding period of the previous fiscal.

Export of ricebran extraction decreased to 2.47 lt in H1 of 2022-23 from 3.45 lt in the corresponding 2021-22, recording a decline of 28.53 per cent. Mehta attributed this to the lesser demand from importing countries.

India exported 1.54 lt of castor seed meal during April-September of 2022-23 against 1.62 lt in H1 of 2021-22, recording a decline of 4.93 per cent.

S Korea top importer

South Korea imported 5.29 lt of oilmeals (3.37 lt) from India during the first half of 2022-23. This included 4.14 lt of rapeseed meal, 95,557 tonnes of castor seed meal and 18,950 tonnes of soyabean meal.

India exported 3.11 lt of oilmeals (2.93 lt) to Vietnam during the period. This included 1.70lt of ricebran extraction, 1.36 lt of rapeseed meal, 2,082 tonnes of soyabean meal, and 1,501 tonnes of groundnut meal.

Thailand imported 3.58 lt of oilmeals (1.29 lt) from India during the first six months of 2022-23. This included 3.56 lt of rapeseed meal, and 1,117 tonnes of soyabean meal.

Bangladesh imported 1.78 lt of oilmeals (2.11 lt) from India during the H1 of 2022-23. This included 32,763 tonnes of ricebran extraction, and 1.45 lt of rapeseed meal.

India exported 61,838 tonnes of oilmeals (48,073 tonnes) to Taiwan during the first six months of the current financial year. This included 41,988 tonnes of castor seed meal, 16,232 tonnes of rapeseed meal, 2,620 tonnes of groundnut meal, and 998 tonnes of soyabean meal.

thehindubusinessline.com

Trade Leads

Directory's

APEDA Agri Exchange

News & Analysis

Contact

Trade Leads

Directory's

APEDA Agri Exchange

News & Analysis

Follow Us

Contact