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Oilmeal exports down 8% in first two months of this fiscal

Oilmeal exports down 8% in first two months of this fiscal

JUNE 7 2018


Oilmeal exports from India have taken a beating with exports falling by 8 per cent for the first two months of the current year.


Data compiled by the Solvent Extractors’ Association of India (SEA) show the oilmeal shipments declining by 8 per cent for the April-May 2018 period at 321,179 tonnes against 348,222 tonnes during the same period last year.


For the month of May alone, exports fell 33 per cent from a year ago to 97,036 tonnes as shipments of soyameal and rapeseed meal dropped. The country exported 41,452 tonnes of soyameal in the month.


However, SEA further observed that export of rapeseed meal, for the period under review, has increased sharply to nearly 1,43,000 tonneson higher exports to South Korea and Thailand.


While Thailand has reported a 112 per cent jump in its imports from India, the other two major importers Vietnam and South Korea reported a decline of 13.44 per cent and 26.72 per cent respectively.


The data compiled by SEA also revealed that Free on Board (FOB) prices for meals have remained largely flat except soyabean meal whose prices were going up by more than 20 per cent to $467 per tonne in May 2018 as against $388 in May 2017.


The exchange rate has turned favourable for exporters with dollar becoming costlier against Rupee at 67.51 a dollar vis-a-vis 64.42 a dollar a year ago.


Among other European countries, France emerged as a key destination for Indian oilmeal exports as it imported 28,377 tonnes of oilmeals as against 1,736 tonnes last year. The country shipped in 26,600 tonnes of soyabean meal and 1,777 tonnes of castor meal, SEA data showed.



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