Export of Oilmeals from India – Apr.’23 – Feb.‘24 – Up by 19%

The Export of Oilmeals for the month of February 2024 is provisionally reported at 515,704 tons compared to 471,770 tons in February 2023  i.e. up by 9%.  The overall export of oilmeals during April 2023 to February 2024 reported at 4,490,055 tons compared to 3,760,329 tons i.e. up by 19%. 

Export of Oilmeals – Apr.’23 – Feb.’24 (Qty. in M.T.)

Export of Soybean Meal and Rapeseed Meal Slow down :  

The export of soybean meal during Apr.’23 to Feb.’24, reported at 19.34 lakh tons compared to 7.87 lakh tons during the same period of last year as Indian soybean meal was most competitive in the international market  However, currently as on 13th Mar.,2024, Indian soybean meal Ex-Kandla has quoted at US$ 490 per ton while soya meal Argentine cif Rotterdam at US$ 415 per ton facing strong competition from Argentine origin and likely to slow down.  

In case of rapeseed processing in India likely below potential in coming months due to disparity in crushing. The export sale of rapeseed meal have slowed down pronouncedly of late owing to growing competition from soya meal on the world market. The export of rapeseed meal during Apr.’23 to Feb.’24 reported at 20.40 lakh tons compared to 20.48 lakh tons during the same period of last year.

Average Prices and Rupee depreciation:  (Price in US$/FAS Indian Port/Tons)

South Korea, Thailand, Vietnam and Bangladesh are the major importer of Indian Oilmeals

During Apr.’23 to Feb.’24, South Korea imported 787,909 tons of oilmeals (compared to 880,615 tons); consisting of 524,901 tons of rapeseed meal, 217,654 tons of castorseed meal and 45,354 tons of soybean meal. Vietnam imported 394,660 tons of oilmeals (compared to 885,146 tons); consisting of 90,540 tons of  rice bran extraction, 251,663 tons of rapeseed meal, 51,551 tons of soybean meal and 905 tons of groundnut meal. Thailand imported 604,782 tons of oilmeals (compared to 684,419 tons); consisting of 589,144 tons of rapeseed meal, 10,272 tons of soybean meal, 4,666 tons of rice bran extraction and 701 tons of castorseed meal. Bangladesh sourcing rapeseed meal and  soybean meal from India  and imported 779,558 tons of oilmeals (compared to 448,528 tons), consisting of 27,771 tons of ricebran extractions, 354,158 tons of rapeseed meal and 397,629 tons of soybean meal. Iran is emerging large importer of Indian soybean meal and imported 341,206 tons.

Major Importers of Oilmeals (Qty. in M.T.)

Port-wise Export of Oilmeals : Apr.’23 – Feb.’24

The export from Kandla is reported at 1,535,413 tons (34%), followed by Mundra handled 1,336,881 tons (30%), Mumbai including JNPT handled 392,086 tons (9%), Kolkata handled 111,043 tons (2%) and Others Ports handled 1,114,633 tons (25%).

Export from Major Ports (Qty. in M.T.)