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Oilmeal export earnings up 48% in 2017-18

Oilmeal export earnings up 48% in 2017-18

MAY 7 2018

 

Earnings from the oilmeal exports have increased by 48 per cent during the year 2017-18 at Rs 4,758 crore as compared to Rs 3,219 crore last year, revealed the data shared by the Solvent Extractors' Association of India (SEA).

 

The remarkable growth in the earnings from the oilmeal exports is attributed to higher export of Rapeseed Meal at 663,988 tonnes (Up 209 per cent year-on-year), Ricebran Extractions at 594,129 tonnes (Up 77 per cent) and Castorseed Meal of 572,762 tonnes (Up by 39 per cent). Notably, India faced drought years during 2014-15 and 2015-16, which led to lower production of oilseeds thereby affecting export of oilmeals to a lowest level.

 

In a statement issued on Monday, SEA stated, "The efforts made by SEA in promoting export of various oilmeals has yielded positive results.

 

The export of Rapeseed Meal, De-oiled Rice Bran, Castorseed Meal and Groundnut Meal service by SEA reached to 1,837,720 tonnes - valued at Rs 1,850 crore as against 965,011 tonnes in 2016-17 worth Rs 984 crore, indicating 90 per cent jump.

 

Data revealed that FOB price for soybean meal increased by over $ 100 per tonne in the last one year from $ 386 to $ 487 as on April 2018.

 

Among the major export destinations for India's oilmeals were South Korea, France, Bangladesh and Vietnam.

 

Source:https://www.thehindubusinessline.com

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