The Solvent Extractors’ Association (SEA) of India provided data that revealed India exported 37.69 lakh tonnes (lt) of oil meals from April through February of the current fiscal year as opposed to 21.32 lt during the same period of the previous fiscal. According to BV Mehta, Executive Director of SEA of India, the price of soyabeans decreased from a high of $7,640 per quintal in April 2022 to a level of $5,200 per quintal, encouraging more crushing and greater price parity. Hence, soyabean meal exports became appealing.
India had a 125.82 percent increase in soyabean meal exports over the same period last year, going from 3.48 to 7.87 lb. He claimed that South East Asian nations are the main buyers of Indian soybean meal and that India has a logistical edge over them in that it can provide in tiny numbers. Indian soyabean meal is chosen by some European nations and the US due to its non-GMO status.
According to him, the weakening of the rupee is also boosting exports as a whole. As a result, India was able to increase its exports of soaybean meal from just 1.72 lt in November–February 2021–22 to 6.25 lt in November–February 2022–23 for the following crop. India saw a surge of 165.58 percent in rapeseed meal exports, going from 7.72 lt to 20.51 lt.
He said that in the first eleven months of 2022–2023, the export of rapeseed meals beat the previous record for the greatest export, which stood at 12.48 lt for the entire fiscal year 2011–2012. He said that at $245 per tonne FOB India, India is the most affordable source of rapeseed meal for South Korea, Vietnam, Thailand, and other nations in the Far East, while rapeseed meal (Hamburg ex-mill) is listed at $379 per tonne.