Soyameal continues to be outpriced in the global market
India’s export of oilmeals increased by 12 per cent in May compared to the same period last year, led by a sharp rise in the shipments of rapemeal.
Solvent Extractors’ Association of India (SEA) data show that India exported 2.55 lakh tonnes (lt) of oilmeals in May 2022 against 2.28 lakh tonnes (lt) in May 2021.
India exported 5.98 lt of oilmeals during the first two months of fiscal 2022-23 against 5.32 lt in the corresponding period a year ago, recording a growth of 11 per cent.
BV Mehta, Executive Director of SEA of India, said the export of rapeseed meal showed a sharp jump during the first two months of 2022-23. India exported 3.98 lt of rapeseed meal during April-May against 2.74 lt in the same period of 2021-22, a growth of 45 per cent.
He said India is currently the most competitive supplier of rapeseed meal to South Korea, Vietnam, Thailand and other Far-East countries.
India exported 1.83 lt of rapeseed meal to South Korea, 59,558 tonnes to Vietnamand 61,215 tonnes to Thailand during April-May.
The export of soyabean meal in the first two months of the fiscal has plunged by 52 per cent. India exported 43,899 tonnes of soyabean meal against 92,139 tonnes in the year-ago period.
He said the export of soyabean meal was low as India was outpriced in the international market.
Soyabean meal export ex-Kandla is quoted at $720 a tonne against $525 a tonne for Brazil-origin and $532 a tonne for Argentina-origin (ex-Rotterdam).
He said the export of castorseed meal has improved marginally during the first two months of the current financial year compared with the same period a year ago, while the export of rice bran extraction has come down.
India exported 56,914 tonnes of castorseed meal during April-May 2022-23 as against 48741 tonnes in the year-ago period, recording a growth of 17 per cent.
However, the export of rice bran extraction dropped to 89,582 tonnes of the current fiscal from 1,16,128 tonnes a year-ago, down 23 per cent.
Korea major importer
South Korea was the major importer of Indian oilmeals during the current financial year.
During April-May, South Korea imported 2.16 lt of oilmeals (1.79 lt), followed by Vietnam 1.25 lt (85,636 tonnes).
Thailand imported 61,539 tonnes (64,788 tonnes) of oilmeals, Bangladesh 70,574 tonnes (74,066 tonnes), and Taiwan imported 27,089 tonnes (14,167 tonnes) from India during the period.