India's overall oilmeal exports rose 60% so far in 2022-23

Business Monday 23/January/2023 07:58 AM
India's overall oilmeal exports rose 60% so far in 2022-23

New Delhi: India's overall oilmeal exports so far during the current financial year - April to December - were 60 per cent higher year-on-year at around 2.82 million tonnes, data compiled by vegetable oil industry body, The Solvent Extractors' Association of India (SEA), showed.

Oilmeals are basically the residue left over after the extraction of oil from oilseeds, and they are widely used as livestock feed the world over. Till November, the total exports were at 2.39 million tonnes.

In December alone, exports of India's oilmeal were provisionally reported at 4,33,430 tonnes, up 153 per cent from 1,70,869 tonnes the same month last year, data showed.

Notably, the country's rapeseed exports during the first nine months of the current financial year set a new record and broke the earlier highest record export of 1.24 million tonne in 2011-12. So far in 2022-23, the total rapeseed exports were at 1.67 million tonne.

"Currently India is the most competitive supplier of rapeseed meal to South Korea, Vietnam, Thailand and other Far East Countries at USD 255 per tonne FOB (free on board) India while rapeseed meal Hamburg ex-mill quoted at USD 405 per tonne," SEA said in a release earlier this week.

Also, the release said the better price realization from rapeseed (mustard) oil and export of rapeseed meal not only supported the domestic price of mustard seed but also encouraged larger sowing area under the mustard crop during the current rabi season.

India sowed mustard crop across 97.0 lakh hectares compared to 90.0 lakh last season, it said.

Export of soybean meal too saw a revival.

"With fall in local soybean price to the level of Rs 5,650 per quintal, local soybean meal price has also fallen to Rs 42,800 per tonne from the level of Rs 53,000 tonne in June 2022; which has made (its) export attractive," SEA said.