Oil meals export soars by two-fold to around 4.32 lakh tonnes in June

19 Jul 2022 , 02:23 PM

According to industry data, India’s export of oil meals increased nearly twofold in June to 4,31,840 tonnes due to a record shipment of rapeseed meals. Solvent Extractors’ Association (SEA) of India estimates that in the same month last year, exports totaled 2,03,868 tonnes.

The organization stated in a statement that the “export of oil meals for the month of June 2022 tentatively recorded at 431,840 tonnes, compared to 203,868 tonnes in June 2021.” Rapeseed meal exports reached a record high of 3,08,549 tonnes last month thanks to increasing domestic production and processing, according to SEA.

Soybean meal exports reached 32,194 tonnes in June 2022, followed by groundnut meal at 707 tonnes, rice bran extraction at 64,025 tonnes, and castor seed meal at 26,365 tonnes. According to SEA statistics, the total export of oil meals from April to June 2022 increased 39% to 10,21,265 tonnes from 7,35,892 tonnes the previous year.

According to SEA, rapeseed meal exports grew to 7,06,904 tonnes in the first three months of the current fiscal year (2022-23) from 3,84,807 tonnes. India is now the most competitive supplier of rapeseed meals to South Korea, Vietnam, Thailand, and other far-eastern nations, according to SEA.

The group noted that India continues to be overcharged on the global market for soybean meal. According to SEA, South Korea was one of the top importers of oil meals from April to June 2022, bringing in 3,38,800 tonnes as opposed to 2,52,063 tonnes during the same time period in the previous year.

In comparison to the same time last year, Vietnam imported 184,423 tonnes from April through June 2022. India increased its shipments to Thailand by 75%, from 77,003 tonnes to 1,34,801 tonnes, and to Bangladesh by 38%, from 90,589 tonnes to 125,440 tonnes. The nation’s exports to Taiwan increased by 69% from 23,944 tonnes in April to June 2021 to 40,369 tonnes from April to June 2022.