India's oilmeal exports more than doubled in June

New Delhi [India], July 20 (ANI): India's oilmeal exports during the month of June more than doubled especially on account of higher availability of rapeseed.
Data compiled by edible oil industry body The Solvent Extractors' Association of India showed India's total oilmeal exports during the month increased 119 per cent year-on-year to 431,840 tonnes.
Oilmeals are basically the residue left over after the extraction of oil from oilseeds, and they are widely used as livestock feed.
"Its highest export in any single months in last many years, thanks to record crop of rapeseed and crushing resulted into highest processing, availability of rapeseed meal and export," the industry body said.
During the April-June quarter, the overall exports were 39 per cent higher at 1,021,265 tonne.
Exports of rapeseed meal increased 84 per cent during the quarter.
Currently, India is the most competitive supplier of rapeseed meals to South Korea, Vietnam, Thailand, and other far east countries.
In the case of soybean meal, the exports are at the lowest level as India is still outpriced in the international market, it said.
"Current price of soybean meal FOB Kandla is quoted at USD 675, while soybean meal Argentina CIF Rotterdam is quoted at USD 539 and Brazil at USD 522," it added.
During the quarter, South Korea imported 338,800 tonnes of oil meals, Vietnam imported 184,423 tonnes, and Thailand imported 134,801 tonne, data showed.
Further, Bangladesh sourced 125,440 tonnes of oilmeals, while Taiwan imported 40,369 tonnes.
Separately, India's agricultural and processed food products exports rose 14 per cent during the quarter. Total exports were to the tune of USD 5,987 million.
During the same quarter last year, the exports were worth USD 5,256 million.
For 2022-23, the government had set an export target of USD 23.56 billion for the agricultural and processed food products basket under the Agricultural and Processed Food Products Export Development Authority (APEDA). The basket excludes tea, coffee, spices, cotton, and marine exports. (ANI)