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India's Oilmeals Exports Soar by 24% in 2023-24, Fueled by Rising Soyabean Demand and Global Market Competitiveness.
Jan 23, 2024

India witnesses a remarkable 24% surge in oilmeals exports during April-December 2023-24, with soyabean meal playing a pivotal role in the growth. Increased demand, especially from South Korea, Vietnam, and Thailand, showcases India's competitive position in the global oilmeals market.
 
Highlights
 
Surge in Oilmeals Exports: India experienced a significant surge in oilmeals exports, witnessing a growth of 24.16% during April-December 2023-24 compared to the corresponding period in 2022-23.
 
Contribution of Soyabean Meal: The export growth was primarily fueled by a 19% increase in Q1 of 2023-24, driven by the export of soyabean meal, amounting to 12.16 lt, with soyabean meal accounting for 3.64 lt during this period.
 
Q2 Export Increase: In Q2 of 2023-24, the export of oilmeals surged by 43%, attributed to a sharp increase in the export of soyabean and rapeseed meal. India exported 10.66 lt during this period, including 2.22 lt of soyabean meal and 7.23 lt of rapeseed meal.
 
Q3 Export Dynamics: Despite a 16% increase in Q3, the export of oilmeals slightly decreased from Q2 levels due to the ban on the export of de-oiled rice bran. India exported 12.20 lt during Q3 of 2023-24.
 
Factors Driving Demand: Improved price competitiveness and a shortage of Argentine export supplies have contributed to increased demand for Indian soyabean meal in the international market.
 
Export Breakdown by Type: India exported a total of 12.11 lt of soyabean meal and 18.24 lt of rapeseed meal during the first nine months of 2023-24.
 
Key Importers: Notable importers of Indian oilmeals include South Korea, Vietnam, Thailand, and Bangladesh. South Korea imported 7.30 lt, Vietnam imported 3.61 lt, and Thailand imported 4.95 lt during April-December 2023-24.
 
Competitive Supplier of Rapeseed Meal: India is identified as the most competitive supplier of rapeseed meal to South Korea, Vietnam, Thailand, and other Far-East countries.
 
Export Composition to South Korea: South Korea's imports included 5.13 lt of rapeseed meal, 1.83 lt of castorseed meal, and 32,946 tonnes of soyabean meal.
 
Export Composition to Vietnam: Vietnam's imports consisted of 90,540 tonnes of ricebran extraction, 2.19 lt of rapeseed meal, 50,506 tonnes of soyabean meal, and 905 tonnes of groundnut meal.
 
Export Composition to Thailand: Thailand's imports included 4.81 lt of rapeseed meal, 8,445 tonnes of soyabean meal, 4,666 tonnes of ricebran extraction, and 701 tonnes of castorseed meal.
 
Export Composition to Bangladesh: Bangladesh's imports comprised 27,771 tonnes of ricebran extractions, 3.14 lt of rapeseed meal, and 3.21 lt of soyabean meal.
 
Conclusion
 
India's robust 24% growth in oilmeals exports, driven by soyabean demand and competitive pricing, underscores its significance in the global market. Despite challenges like export bans, the nation's strategic role in catering to South Korea, Vietnam, Thailand, and Bangladesh positions it as a key player. The positive trend reflects not only market resilience but also the ability to meet diverse international demands, emphasizing India's pivotal role in the global oilmeals trade.
    
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    Phone : 91-11-41486013, 20863919, 20867008, 20867007