India's overall oilmeal exports up 50% so far in 2022-23

New Delhi [India], December 20 (ANI): India's overall oilmeal exports so far during the current financial year - April to November - were 50 per cent higher year-on-year at around 2.39 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.
Till October, the total exports were at 1.97 million tonnes.
In just November, exports of India's oilmeals were provisionally reported at 407,193 tonnes, up 150 per cent from 163,057 tonnes the same month last year, data showed.
Currently, India is the most competitive supplier of rapeseed meal to South Korea, Vietnam, Thailand and other far east countries.
The major consumer of Indian soybean meal is South East Asia, where India has a logistic advantage and also can supply in small lots. Also, Indian soybean meal being non-GMO has an advantage and is preferred by certain European countries and the US.
"It is hearting to note during the first eight months of the current financial year (2022-23), the export of rapeseed meal has set a new record and broke the earlier highest record export of 12,48,000 tons in 2011-12 (F.Y.) and reported at 14,76,784 tons," the industry body said in a statement attaching the export data.
"(Also) With fall in local soybean price to level of Rs 5,500 per quintal, local soybean meal price also fallen to Rs 42,000 per ton which has made export more attractive," it added.
Further, with a lower than-expected Argentine soybean crop and crushing, soybean meal export is expected to rise from the other nations. (ANI)