Indian oilmeals export up by 59% in Apr-May

India exported 9.30 thousand tons of Oil powders During the period from April to May from 2023-24, compared to 5.86 liters in the corresponding period from 2022-23, recording a growth of 58.6 percent.

The data available with the Solvent Extractors Association (SEA) in India showed that India exported 4.36 liters of oily powders during May 2023 compared to 2.54 liters in May 2022, registering a growth of 71.9 percent.

BV Mehta, Managing Director of SEA India, attributed this growth in the export of oil powders to the sharp increase in the export of soybean meal and rapeseed meal during the first two months of the fiscal year.

The benefits of soy

He said that the drop in the price of soybeans to the level of 4,900 euros in the local market from the highest level of 7,640 Egyptian pounds in April 2022 made the export of soybean meal attractive in the past few months. This helped revive the export of soybean powder from 43,601 tons during April-May 2022 to 2.91 liters during the corresponding period of 2023-24.

Indian Soybean Meal (formerly Kandla) was priced at $595 per tonne as of June 19. The main consumers of Indian soybean meal are Southeast Asian countries, where India has a logistical advantage and can also supply small quantities.

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Being non-GMO, Indian soybean meal is preferred by some European countries and the United States. He said that the depreciation of the rupee pushes up the overall exports.

Competitive rapeseed meal

Regarding the export of rapeseed powder, he said that India exported 4.80 liters of rapeseed during the April-May period of 2023-24 compared to 3.98 liters in April-May of the previous financial year.

India is currently the most competitive supplier of rapeseed meal to South Korea, Vietnam, Thailand and other countries in the Far East at $270 per ton (FOB India). Hamburg rapeseed meal (ex mill) was priced at $316 per ton.

major importers

South Korea, Thailand, Vietnam and Bangladesh were the main importers of Indian oil powders during the April-May 2023-24 period.

During this period, South Korea imported 1.89 liters of oily powders (compared to 2.16 liters in April-May 2022-2023) from India. This included 1.56 liters of rapeseed meal, 25,554 tons of refined flour and 7,898 tons of soybean meal.

India exported 1.42 liters (1.25 L) of oilmeal to Vietnam during April-May 2023-24. This included 41,607 tons of rice germination, 52,895 tons of rapeseed, 47,341 tons of soybean meal and 442 tons of groundnut meal.

Thailand imported 1.52 liters of oilmeal (61,539 tons) from India during this period. This included 1.43 liters of rapeseed meal, 4714 tons of soybean flour, 3166 tons of rice plant extract and 701 tons of soybean meal.

India exported 1.93 liters of oilmeal (70,574 tons) to Bangladesh. This included 20,235 tons of rice plant extract, 53,553 tons of rapeseed powder, and 1.19 tons of soybean meal.