India’s export of oil meals increased by 60% over the first nine months of the 2022–23 fiscal year, thanks to an increase in the export of rapeseed meal and soyabean meal. The country exported 28.25 lakh tonnes (lt) of oil meals between April and December of 2022–23, up from 17.67 lt during the same period in 2021–22, representing a 60% increase, according to data provided by the Solvent Extractors’ Association (SEA) of India. When compared to December 2021, when it was 1.70 lt, the export of oil meals increased by 153.66% to 4.33 lt, according to provisional reports.
Rapeseed meal exports reached a new record of 16.71 lt during the first nine months of 2022–2023, surpassing the previous record of 12.48 lt set in 2011–2012, according to BV Mehta, Executive Director of SEA. Between April and December of 2021–2022, India exported 7.13 lb of rapeseed meal. The price of rapeseed meal (Hamburg ex-mill) is listed at $405 per tonne, whereas India now offers the most competitive price at $255 per tonne (f.o.b.) to South Korea, Vietnam, Thailand, and other Far-Eastern nations, according to him.
In addition to supporting the domestic price of mustard seed during the current rabi season, the better rapeseed (mustard) oil realization and export of rapeseed meal, he said. The area planted with mustard was estimated to be 97 lakh hectares (lh) during the current rabi season as opposed to 90 lh during the previous season. India had a 70.54 percent increase in soyabean meal exports between April and December of 2022–23 from 2.62 lt during the same period the previous year. Mehta claimed that for the first nine months of 2022–2023, South Korea has become the main importer of oil meals.