India’s total oilmeal exports increased by 1% in January thanks to a rise in the export of soy meal. According to information gathered by the Solvent Extractors’ Association of India (SEA), India exported 4.77 lakh tonnes (lt) of oilmeals in January 2024 compared to 4.72 lt in the same month the previous year. Nonetheless, overall oilmeal exports increased by 21% to 39.74 lt from April to January of 2023–2024 from 32.88 lt in the same period of 2022–2023.
The international demand for Indian soybeans was fueled, according to the Executive Director of SEA, by India’s price competitiveness and a recent scarcity of Argentine export supply. According to him, Argentina’s crushing is predicted to remain below potential for the current quarter, which will restrict the country’s export of soybean meal. Exports of soybean meal from India rose to 15.86 lt between April and January of 2023–24 from 5.57 lt the previous year.
In January 2024, India exported 3.75 liters of soy meal, compared to 1.10 liters in the same month in 2023. From April to January of 2023–2024, Iran bought 2.56 lt of soy meal, compared to 1,284 tonnes in 2022–2023. But during January, India’s rapeseed meal exports dropped by 70%. In January 2024, 71,472 tonnes of rapeseed meal were exported from India (2.38 t in January 2023). In 2023–24, India exported 18.95 lt of rapeseed meal (compared to 19.07 lt a year earlier).
From April to January of 2023–2024, South Korea imported 7.66 lt of oilmeals from India (compared to 8.06 lt in the same period in 2022-23). This comprised 39,688 tonnes of soybean meal, 2.07 liters of castor seed meal, and 5.19 liters of rapeseed meal. From April to January of 2023–2024, India shipped 3.78 lt (7.52 lt) of oilmeals to Vietnam. This comprised 2,36 liters of rapeseed meal, 90,540 tonnes of rice-bran extraction, 50,760 tonnes of soybean meal, and 905 tonnes of groundnut meal.
