Soyabean meal helps boost overall export of oilmeals in April

A surge in the export of soyameal helped India to record 48.47 per cent growth in the overall export of oilmeals during April.

Data available with Solvent Extractors’ Association (SEA) of India showed that the country exported 4.93 lakh tonnes (lt) of oilmeals in April 2023 against 3.32 lt in the corresponding period of 2022.

Stating that the soyabean price has come down to about ₹4,550 per quintal from the highest level of ₹7,640 per quintal in April 2022, BV Mehta, Executive Director of SEA of India, said this decline has made export of soyabean meal attractive in the last seven months.

India exported 1.77 lt of soyabean meal in April 2023 against 24,937 tonnes in April 2022. On May 12, Argentina soyabean meal price (ex-Rotterdam) was quoted at $516 a tonne, while Indian soyabean meal price (ex-Kandla) was quoted at $570 a tonne.

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Mentioning that South-East Asia is the major consumer for Indian soyabean meal, he said India has a logistic advantage to this destination and can supply in small lots also. Besides, the rupee depreciation is pushing the overall export.

Record rapemeal exports

Highlighting the upward trend in the export of rapeseed meal, Mehta said India exported 2.46 lt of rapeseed meal in April 2023-24 against 2.29 lt in the corresponding period of 2022-23.

India exported 22.96 lt of rapeseed meal in 2022-23, he said, adding it is a record export of rapeseed meal from India till now.

India is the most competitive supplier of rapeseed meal to South Korea, Vietnam, Thailand and other Far East Countries at $240 a tonne (FOB India). Rapeseed meal (ex-mill Hamburg) has been quoted at $299 a tonne.

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He said mustard is being sold at ₹5,100 a quintal, which is below the MSP of ₹5,450 a quintal, due to the deteriorated price of edible oil both in international and domestic markets. The decline in the price of mustard is discouraging farmers to sell mustard for crushing. Now SEA has revised mustard crop estimate to 111.80 lt from the earlier estimate of 115.25 lt (made during March) due to unseasonal rain in March.

India exported 29,477 tonnes of castorseed meal in April 2023 against 25,758 tonnes in April 2022, recording a growth of 14.43 per cent.

However, there was 28.54 per cent decline in the export of ricebran extraction during April. India exported 37,479 tonnes of ricebran extraction in April 2023 against 52,450 tonnes in April 2022.

South Korea top destination

Indian oilmeals were exported to countries such as South Korea, Thailand, Vietnam and Bangladesh during April.

South Korea imported 86,230 tonnes of oilmeals from India in April 2023 (compared to 1.42 lt in April 2022). This included 78,787 tonnes of rapeseed meal, 4,445 tonnes of castorseed meal, and 2,998 tonnes of soyabean meal.

India exported 1 lt of oilmeals (62,979 tonnes) to Vietnam during April. This included 18,107 tonnes of ricebran extraction, 36,229 tonnes of rapeseed meal, 46,391 tonnes of soyabean meal, and 133 tonnes of groundnut meal.

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Thailand imported 68,519 tonnes (41,992 tonnes) of oilmeals from India during April. This included 60,493 tonnes of rapeseed meal, 4,526 tonnes of soyabean meal, 2,907 tonnes of ricebran extraction, and 593 tonnes of castorseed meal.

India exported 1.07 lt (33,422 tonnes) of oilmeals to Bangladesh during April. This included 9,449 tonnes of ricebran extraction, 27,363 tonnes of rapeseed meal, and 70,596 tonnes of soyabean meal.