India’s oilmeal exports in the fiscal year 2023-24 have reached record high levels in both value and quality terms, as shown by data compiled by the industry body Solvent Extractors’ Association (SEA).
During the period from April 2023 to March 2024, the total export of oilmeals surged to 4,885,437 tons valued at INR 15,370 crores, marking a notable increase from 4,336,287 tons valued at INR 11,400 crores in the corresponding period of the previous year. This represents a 13% rise in quantity and a significant 35% increase in value.
This marks the highest export of oilmeals in terms of both quantity and value since 2013-14. Previously, in 2013-14, India exported 43.81 lakh tons of oilmeals valued at INR 11,500 crores.
Soybean meal exports experienced a resurgence during the year, reaching 21.33 lakh tons compared to 10.22 lakh tons during the corresponding period of the previous year. Indian soybean meal proved to be highly competitive in the international market, driving this increase.
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“Nevertheless, starting from mid-April, Indian soybean meal has encountered robust competition from Argentine sources, and exports are anticipated to decelerate in the upcoming months,” stated SEA.
Provisional reports indicate that oilmeal exports for March 2024 amounted to 395,382 tons, marking a decrease of 31% compared to March 2023, when exports reached 575,958 tons.
The export of rapeseed meal for the year amounted to 22.13 lakh tons, slightly lower than the 22.97 lakh tons exported during the corresponding period of the previous year.
SEA suggests that rapeseed processing in India is expected to remain below its potential in the upcoming months due to disparities in crushing. Furthermore, the export sales of rapeseed meal have decelerated due to increasing competition from soybean meal in the international market.
According to SEA’s data, Bangladesh has emerged as the top importer of Indian oilmeals, importing 8.92 lakh tons, comprising 4.34 lakh tons of rapeseed meal, 4.31 lakh tons of soybean meal, and 0.28 lakh tons of De-oiled ricebran. South Korea follows as the second-largest importer, with reported imports of 8.32 lakh tons of oilmeals, including 547,763 tons of rapeseed meal, 226,407 tons of castorseed meal, and 57,899 tons of soybean meal. Thailand ranks third in importing Indian oilmeals, with reported imports of 6.33 lakh tons, predominantly consisting of 6.16 lakh tons of rapeseed meal.
Iran has emerged as the leading importer of soybean meal from India, including shipments via Dubai, importing a record quantity of 8.64 lakh tons during the financial year 2023-24.
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