India’s oilmeals export up 9% to nearly 5.16 lakh tonne in February on higher soyameal shipments

In a statement on Friday, Solvent Extraction of India (SEA) said the export of oilmeals in February stood at 515,704 tonne as compared to 4,71,770 tonne in the year-ago period.

Of the total oilmeals export last month, the shipments of soyabean meal stood at 3,47,905 tonne and rapeseed meal 1,44,372 tonne.

The data showed that the total export of oilmeals during the April-February period of this fiscal increased 19 per cent to 44,90,055 tonne as compared to 37,60,329 tonne in the corresponding period of the previous year.

The export of soybean meal during the April-February period of the 2023-24 fiscal rose to 19.34 lakh tonne compared to 7.87 lakh tonne in the same period of the previous year as Indian soybean meal was most competitive in the international market.

However, SEA said that soyameal exports might slow down because of the lower price being quoted by Argentina.

As on March 13, 2024, Indian soybean meal Ex-Kandla is being quoted at USD 490 per tonne while soyameal Argentine cif Rotterdam at USD 415 per tonne.

The export of rapeseed meal during the April-February period of this fiscal fell to 20.40 lakh tonne as compared to 20.48 lakh tonne in the year-ago period.

During the April-February period of this fiscal, South Korea imported 787,909 tonne of oilmeals as compared to 8,80,615 tonne in the year-ago period.

Vietnam imported 3,94,660 tonne of oilmeals in the first 11 months of this fiscal as against 8,85,146 tonne in the corresponding period of the previous year.

India’s export of oilmeals to Thailand fell to 6,04,782 tonne from 684,419 tonne.

Bangladesh imported 7,79,558 tonne of oilmeals from India during the April-February period of this fiscal as against 448,528 tonne in the year-ago period.

Iran is emerging as a large importer of Indian soybean meal. Iran bought 341,206 tonne of oilmeals from India during the April-February period of this fiscal from 3,946 tonne in the year-ago period, the SEA data showed.