India’s oilmeal exports jumps two-fold in July
The Dollar Business Bureau
India’s oilmeal exports jumped two-fold to 87,944 tonnes in July in the wake of higher outbound shipment of castorseed meal to South Korea, said the industry body, Solvent Extractors Association of India (SEA) on Friday.
On the other hand, exports of oilmeal during the April-July period of the current fiscal dropped 47 percent to 2,74,237 tonnes against the 5,17,914 tonnes in the same period a year earlier.
In July 2015, India had exported 44,238 tonnes of oilmeal, which was utilised as animal feed.
The Mumbai-based industry body, SEA, attributed a drop in the exports of oilmeal during the April-July quarter to lesser availability of oilseeds for crushing and also due to the constant disparity in shipping oilmeal to the foreign markets.
According to the data by SEA, India shipped 78,759 tonnes of castorseed meal, primarily to South Korea, in the month of July 2016, which is a considerable increase from 887 tonnes in the same month a year earlier.
Similarly, the exports of soyabean meal jumped significantly to 3,290 tonnes from just 928 tonnes in the given period.
However, the shipments of rapeseed meal dropped to 4,197 tonnes in the month of July from 8,647 tonnes, in the same month in 2015. Ricebran extraction exports too declined considerably to 1,500 tonnes from a high of 33,628 tonnes in the given period.
Out of the overall exports in the month of July, 78,000 tonnes of oilmeal was exported to South Korea alone, followed by Thailand with 1,329 tonnes of oilmeal and Vietnam with 2,397 tonnes.
Korea and Vietnam are the major destinations for oilmeal exports from India.