Oil meals exports in May saw 12% hike

Mumbai : At 2,55,453 tonne in May 2022 compared to 2,28,319 tonne in May 2021, the export of oil meals for May 2022 has provisionally reported a hike of 12 per cent even as its overall export during April-May 2022 was reported at 5,89,425 tonne compared to 532,024 tonne that is, a hike by 11 per cent. Released on Thursday, according to the data compiled by the Solvent Extractors’ Association (SEA) of India, there has been a jump in the rapeseed meal export by nearly 45 per cent. “First two months of the current year (2022-23), export of rapeseed meal has shown a sharp jump and reported at 3,98,355 tonne compared to 2,74,692 tonne i.e., up by 45 per cent,” the data said. As of now, India is the most competitive supplier of rapeseed meal to South Korea, Vietnam, Thailand and other far-east countries. “However, in the case of soybean meal, the export is at the lowest level as India is out priced in the international market. Current price of soybean meal free on board (FOB) Kandla is quoted at $720, while soybean meal Argentina CIF Rotterdam is quoted at $532 and Brazil at $525,” said SEA Executive Director B.V. Mehta. Export of rice bran extraction is down, however, the export of castor meal has marginally improved as compared to May 2021. Data also showed that during April till May 2022, South Korea imported 2,16,739 tonne of oil meals (compared to 1,79,115 tonne in 2021); consisting of 1,83,325 tonne of rapeseed meal; 27,084 tonne of castor seed meal, and 6,330 tonne of soybean meal.