Export of Oilmeals from India in April 2023 up by 48%

The Solvent Extractors’ Association of India has compiled the export data for export of oilmeals for the month of April, 2023 provisionally reported at 493,448 tons compared to 332,353 tons in April 2022 i.e. up by 48% mainly due to sharp increased in export of soybean meal and rapeseed meal.

Surge in Export of Soybean Meal :

With fall in local Soybean price to level of Rs.4550 per quintal from the highest level of Rs.7640 per quintal in April 2022, made export of soybean meal attractive in last seven months. Currently as on 12th May, 2023 Argentina soybean meal price Ex-Rotterdam quoted at US$ 516 while Indian soybean meal Ex-Kandla has quoted at US$ 570 per ton. The major consumer of Indian soybean meal are South East Asia, where India has a logistic advantage and also can supply in small lots. Also, Indian Soybean Meal being Non GMO has an advantage and being preferred by certain European countries and U.S.A.  The rupee depreciation also pushing the overall export.

Export of Rapeseed Meal :

It is hearting to note during current financial year (2022-23), export of rapeseed meal has set a new record and reported at 22,96,943 tons, ever highest since export started. The trend of export of rapeseed meal in first month of the financial year 2023-24 is continuously upward and reported at 246,568 tons in April 2023 compared to 229,208 tons in April 2022. Currently India is the most competitive supplier of rapeseed meal to South Korea, Vietnam, Thailand and other Far East Countries US$ 240 per ton FOB India while rapeseed meal Hamburg ex-mill quoted at US$ 299 per ton. 
 
In-spite of support from export of rapeseed meal, currently due to deteriorated price of edible oil both in international and domestic market, mustard seed being sold below MSP (Rs. 5450/100 kg) at Rs. 5100 per 100 kg discouraging farmers to sell mustard for the crushing. In the meantime SEA has revised mustard crop downward to 111.80 lakh tons from earlier estimate of 115.25 lakh tons (made during March) due to unseasonal rain during March 2023, which impacted the standing crop of mustard seed.

Export of Oilmeals – April 2023, (Qty. in M.T.)

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 April 2023, South Korea imported 86,230 tons of oilmeals (compared to 142,257 tons); consisting of 78,787 tons of rapeseed meal, 4,445 tons of castorseed meal and 2,998 tons of soybean meal. Vietnam imported 100,860 tons of oilmeals (compared to 62,979 tons); consisting of 18,107 tons of  rice bran extraction, 36,229 tons of rapeseed meal, 46,391 tons of soybean meal and 133 tons of groundnut meal. Thailand imported 68,519 tons of oilmeals (compared to 41,992 tons); consisting of 60,493 tons of rapeseed meal, 4,526 tons of soybean meal, 2,907 tons of rice bran extraction and 593 tons of castorseed meal. Bangladesh sourcing rapeseed meal and  soybean meal from India  and imported 107,408 tons of oilmeals (compared to 33,422 tons), consisting of 9,449 tons of ricebran extractions, 27,363 tons of rapeseed meal and 70,596 tons of soybean meal. 

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

Port-wise Export of Oilmeals : April 2023

The export from Kandla is reported at 117,214 tons (24%), followed by Mundra handled 171,307 tons (35%), Mumbai including JNPT handled 53,434 tons (11%), Kolkata handled 24,090 tons (5%) and Others Ports handled 127,403 tons (26%).

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