1. Commodity News

Soyameal export increases 51% during last fiscal

Swati Sharma
Swati Sharma
Soya bean
Soya Bean

According to data compiled by the Solvent Extractors’ Association (SEA), Export of oilmeals increased 51% during 2020-21 with the value of export almost doubling during the period.

Altogether oilmeals export was provisionally pegged at 36.80 lakh tons in April-March 2020-21 in comparison with 24.33 lakh tons during the same period last year, registering a growth of 51.21%. 

The overall earnings increased from Rs 4437 crore in 2019-20 to Rs 8838 crore in 2020-21, a growth of 99.18 percent. 

BV Mehta, Executive Director of India, said that the export of oil meals performed much better during 2020-21 despite a continuous shortage of containers and less availability of rakes for neighboring countries. 

Stating that higher realization in the international market helped India to record nearly 100 percent growth in the value of exports, Mehta said this also helped the farmer realize better prices for his produce (oilseeds) in the domestic market. 

Export revival 

Soya bean crushing increased sharply, driven by improved crush margin. “The export of soya bean meal jumped mainly due to better realization, thanks to less supply from Argentina and Brazil, coupled with good demand for non-GMO soya bean meal from the US and Europe,” he said, adding the revival of export to Iran led to an overall surge in export of soya meal since October. 

The soy meal export stood at 15.63 lakh tonnes valued at Rs 5825.40 crore during 2020-21 as against 6.92 lakh tons valued at Rs 2185 crore during 2019-20. 

The export of raising the export of rapeseed meal stood at 11.13 lakh tonnes valued at Rs 2019.20 crore during 2020-21 against 9.61 lakh tonnes valued at Rs 1540 crore in 2019-20. 

Rice bran extractions 

The export of rice bran extractions more than doubled following the heavy demand from Vietnam and new demand from Bangladesh due to the failure of its rice crop, he said. 

The export of rice bran extractions stood at 5.75 lakh tonnes, valued at Rs 756 crore, during 2020-21, against 2.36 lakh tonnes valued at Rs 330 crore during 2019-20. 

The export of rapeseed meal crossed a million-tonne due to the higher purchase by South Korea, followed by Thailand and Bangladesh. 

The export of rapeseed meal stood at 11.13 lakh tonnes valued at Rs 2019.20 crore during 2020-21 against 9.61 lakh tonnes valued at Rs 1540 crore in 2019-20. 

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