During the first nine months of 2023–2024, India’s oil meal exports increased by 24% thanks to a spike in soy meal exports. According to data gathered by the Solvent Extractors’ Association of India (SEA), India exported 34.96 lakh tones (lt) of oil meals between April and December of 2023–24, up from 28.16 lakh tones during the same period in 2022–2023—a gain of 24.16 percent.
According to BV Mehta, Executive Director of SEA, the export of soya bean meal caused a 19% increase in oil meal exports in the first quarter of 2023–2024.In Q1 of 2023–24, India exported 12.16 lt of oil meals (10.16 lt in Q1 of 2022–23). Soybean meal accounted for 3.64 lt (75,454 tons) of this total. He claimed that in the second quarter of 2023–2024, the export of oil meals rose by 43%, primarily as a result of a notable rise in the export of soy and rabi-seed meal. In Q2 of 2023–2024, India exported 10.66 lt of oil meals (7.46 lt).Of this, 2.22 lt (45,885 tones) of soya-bean meal and 7.23 lt (5.33 ) of rabi-seed meal were the respective shares.
While a 16 percent increase in third-quarter oil-meal exports in 2023–24, these exports were lower than in Q2 because of the export prohibition on de oiled rice bran. In the third quarter of 2023–2024, India exported 12.20 lt (10.53 lt) of oil meals. He stated that increased price competition and the recent scarcity of Argentine export supplies contributed to the surge in demand for Indian soy bean meal in the global market.
The total amount of soy bean meal exported between April and December of 2023–2024 was 12.11 lt (4.47 lt).In the first nine months of 2023–2024, India exported 18.24 lt (16.69 lt) of rapeseed meal. He claims that India provides the most competitive supply of rabi-seed meal to countries in the Far East, including Vietnam, Thailand, South Korea, and others.
