India’s oilmeal exports jump 35 pc so far in 2022-23

National

India exported 1.25 million tonnes of oilmeal in first four months of the current fiscal year (April to July), a 35% increase over the same period last year.

According to statistics gathered by industry group for edible oils, The Solvent Extractors’ Association of India exports during the same period last year were around 927,555 tonnes. Oilmeals, which are frequently used as livestock feed, are essentially the residue that remains after oil is extracted from oilseeds.

Oilmeal exports totaled 227,247 tonnes in July alone, up from 191,663 tonnes in the same month.

Later in a statement, the group quoted that “It is encouraging to observe that rapeseed meal exports increased significantly over the first four months of the current year (2022-23), rising by 77% to 851,212 tonnes from 479,572 tonnes. owing to a record rapeseed crop and crushing that led to the highest levels of processing, rapeseed meal availability, and export.”

India now supplies rapeseed meal at the most competitive price to South Korea, Vietnam, Thailand, and other nations in the far east.

Exports of soybean meal are at their lowest point ever since India continues to be overcharged on the global market.