Oilmeals Export Rose 31 percent to Rs 6,222 Crore in Fiscal Year 2019

Export of Oilmeals increased by 31% to Rs 6,222 crore during the last fiscal year on higher volumes and price realisation, as per industry data.

According to the Solvent Extractors’ Association of India (SEA) data, the country had exported oilmeals worth Rs 4,762 crore in the fiscal year 2017-18. In terms of volume, the exports increased 6 % to 3.2 million tonnes in the 2018 to 2019 fiscal year from 3.02 million tonnes in the previous year.

Shipment of rapeseed meal increased sharply to 10, 51,869 tonnes from the previous 6, 63,988 tonnes. The major importers of rapeseed meal were South Korea, Vietnam and Thailand. The export of soyabean meal also rose to 13, 37,215 tonnes in the last fiscal from 11, 87,818 tonnes in the previous year.

On the other hand, the outward shipment of rice-bran meal plunged to 4, 40,927 tonnes from 594,129 tonnes. The export of castorseed meal also went down to 3, 67,084 tonnes from the previous 5, 72,762 tonnes.

The major importers of Indian oilmeals were South Korea (7,38,795 tonnes), Vietnam (6,15,403 tonnes), Iran (5,08,050 tonnes), Thailand (3,02,619 tonnes) and Taiwan (1,19,794 tonnes). The Iranian market has once again opened up for the Indian soybean meal. During the last financial year, Iran had imported more than 5 lakh tonnes of soyabean meal in comparison to 23,000 tonnes in the previous year.