The overall export of oilmeals increased to 23.92 lakh tonnes (lt) during April-November of 2022-23 against 15.96 lt in the corresponding period of the previous financial year, recording a growth of 50 per cent.
Data available with the Solvent Extractors’ Association (SEA) of India showed the export of oilmeals at 4.07 lt in November 2022, against 1.63 lt in November 2021, recording a growth of 150 per cent.
B.V. Mehta, Executive Director of the SEA of India, said export of rapeseed meal in the first eight months of 2022-23 stood at a record 14.76 lt against 7 lt in the corresponding period of the previous year. The earlier record for rapeseed meal export was at 12.48 lt in 2011-12.
He said India is the most competitive supplier of rapeseed meal to South Korea, Vietnam, Thailand and other Far-East countries at $255 a tonne (FOB), while rapeseed meal Hamburg ex-mill is quoted at $368 a tonne.
Soyameal turns attractive
With the fall in local soyabean prices to ₹5,500 a quintal, local soyabean meal prices have slipped to ₹42,000 a tonne. This has has made export of soyabean meal more attractive.
Soyabean meal exports from the other origins is expected to increase due to the lower-than-expected Argentine soyabean crop and crushing. Supplies from the US, Brazil and India are likely to increase on better prices, he said.
On December 15, the Brazil soyabean meal price ex-Rotterdam was quoted at $588 a tonne and Indian soyabean meal ex-Kandla was quoted at $535 a tonne.
Stating that the major consumers of Indian soyabean meal are countries from South-East Asia, he said India has a logistic advantage and can supply in small lots to these countries. Being a non-GMO, Indian soyabean meal is preferred by certain European countries and the US.
He said rupee depreciation was also pushing up overall exports. This has helped India revive the export of soyabean meal.
The export of soyabean meal was reported at 1.64 lt in November 2022, against 42,000 tonnes in November 2021.
India exported 3.26 lt of soyabean meal during the first eight months of 2022-23, against 2.19 lt in the corresponding period of 2021-22.
Korea biggest buyer
South Korea imported 6.03 lt of oilmeals during April-November 2022-23 (4.08 lt in April-November 2021-22) from India. This included 4.20 lt of rapeseed meal, 1.61 lt of castorseed meal, and 21,837 tonnes of soyabean meal.
India exported 5.67 lt of oilmeals (3.78 lt) to Vietnam during the first eight months of 2022-23. This included 2.41 lt of ricebran extract, 1.89 lt of rapeseed meal, 1.32 lt of soyabean meal, and 3,234 tonnes of groundnut meal.
Thailand imported 4.33 lt of oilmeals (1.40 lt) during April-November 2022-23. This included 4.28 lt of rapeseed meal, 2,080 tonnes of soyabean meal, and 2,337 tonnes of groundnut meal.
India exported 2.42 lt (2.71 lt) of oilmeal to Bangladesh during April-November of 2022-23. This included 45,961 tonnes of ricebran extractions, and 1.96 lt of rapeseed meal.