A 34 per cent growth in the export of soyabean meal helped India register a 9 per cent growth in the overall export of oilmeals during February.
India exported 5.15 lakh tonnes (lt) of oilmeals during February 2024 against 4.71 lt in February 2023, a growth of 9 per cent. Of this, India exported 3.47 lt of soyabean meals during February 2024 against 2.30 lt a year ago.
According to the Solvent Extractors’ Association of India (SEA), the overall export of oilmeals increased to 44.90 lt during the first 11 months of 2023-24 from 37.60 lt in the corresponding period of 2022-23.
BV Mehta, Executive Director of SEA, said the export of soyabean meal was at 19.34 lt during April-February 2023-24 against 7.87 lt during the same period of 2022-23 as Indian soyabean meal was most competitive in the international market.
However, the Indian soyabean meal (ex-Kandla) was quoted at $490 a tonne on March 13, while the Argentine soyabean meal (cif Rotterdam) was at $415 a tonne. Indian soyabean meal is facing strong competition from Argentine origin, he said.
With regard to rapeseed, he said Indian rapeseed processing in is likely to be below the potential in coming months due to disparity in crushing. The export sale of rapeseed meal has slowed down owing to growing competition from soyabean meal in the world market.
The export of rapeseed meal was at 20.40 lt during the first 11 months of 2023-24 against 20.48 lt in the corresponding period of 2022-23.
Export destinations
South Korea imported 7.87 lt of oilmeals from India during April-February 2023-24 (8.80 lt during April-February 2022-23). This included 5.24 lt of rapeseed meal, 2.17 lt of castor seed meal, and 45,354 tonnes of soyabean meal.
India exported 3.94 lt of oilmeals to Vietnam during the first 11 months of 2023-24 (8.85 lt). This included 90,540 tonnes of ricebran extraction, 2.51 lt of rapeseed meal, 51,551 tonnes of soyabean meal, and 905 tonnes of groundnut meal.
Thailand imported 6.04 lt of oilmeals from India during April-February 2023-24 (6.84 lt). This included 5.89 lt of rapeseed meal, 10,272 tonnes of soyabean meal, 4,666 tonnes of ricebran extraction, and 701 tonnes of castorseed meal.
India exported 7.79 lt of oilmeals to Bangladesh during the first 11 months of 2023-24 (4.48 lt). This included 27,771 tonnes of ricebran extractions, 3.54 lt of rapeseed meal, and 3.97 lt of soyabean meal.
Iran imported 3.41 lt of Indian soyabean meal during April-February 2023-24.