A surge in the export of rapeseed meal helped India record a significant growth in the overall export of oilmeals during the first five months of 2022-23.
According to Solvent Extractors’ Association of India (SEA) data, the overall export of oilmeals increased to 15.31 lakh tonnes (lt) during the first five months of the financial year 2022-23 against 10.92 lt in the corresponding period of the previous financial year, recording a growth of 40.15 per cent.
Export of oilmeals from India increased to 2.82 lt during August against 1.64 lt in the same month previous year, recording a growth of 71.39 per cent.
BV Mehta, Executive Director of SEA, said the export of rapeseed meal doubled during the first five months of the current financial year and stood at 10.80 lt against 5.42 lt in the corresponding period a year ago, recording a growth of 99.06 per cent.
He attributed this to the record crop of rapeseed and crushing. These factors resulted in highest processing, leading to the availability for export.
He said India is the most competitive supplier of rapeseed meal to South Korea, Vietnam, Thailand and other Far-East countries at $295 a tonne (f.o.b). The current price of rapeseed meal (f.o.b Hamburg) is quoted at $355 a tonne.
Soyameal prices down
Stating that India was outpriced in the international market in case of the export of soyabean meal up to now, he said with the fall in local soyabean price to the level of ₹5,200/5,300 a quintal, the meal price also reduced to $560 a tonne (f.ob) from the highest level of $888 in March. Now, the soyabean meal (ex-Rotterdam) is quoted at $554.
With international soyabean meal price likely to fall further, and the expected good soyabean crop, coupled with substantial carry forward, crushing will increase from October onwards. Export of soyabean meal from India may increase starting with new season, he said.
India exported 17,547 tonnes of soyabean meal in August against 10,975 tonnes in August 2021, recording a growth of 59.88 per cent. However, the overall soyabean export for the first five months of 2022-23 declined to 1.08 lt from 1.55 lt in the corresponding period of 2021-22.
He said the export of castor meal was more or less same level as that of the last year, and rice bran extraction was down due to lesser demand from importing countries.
S Korea major importer
South Korea imported 4.52 lt of oilmeals from India during the first five months of 2022-23 against 3.08 lt in the corresponding period of 2021-22. This included 3.59 lt of rapeseed meal, 75,939 tonnes of castorseed meal and 16,755 tonnes of soyabean meal.
Vietnam imported 2.52 lt of oilmeals (2.30 lt) during April-August of 2022-23. This included 1.40 lt of rice bran extraction, 1.09 lt of rapeseed meal, 2,055 tonnes of soyabean meal, and 982 tonnes of groundnut meal.
India exported 3.17 lt of oilmeals (1.20 lt) to Thailand; 1.63 lt of oilmeals (1.60 lt) to Bangladesh; and 54,747 tonnes (37,882 tonnes) of oilmeals to Taiwan during the first five months of the current financial year.