When compared to the same period in the previous financial year, the total export of oil meals grew by 50% to 23.92 lakh tonnes (lt) between April and November 202223 from 15.96 lt. The export of oil meals increased by 150 percent from 1.63 lt in November 2021 to 4.07 lt in November 2022, according to data provided by the Solvent Extractors’ Association (SEA) of India.
The export of rapeseed meals in the first eight months of 202223 reached a record 14.76 lt, compared to 7 lt in the same period the year before, according to BV Mehta, Executive Director of the SEA of India. He said that for $255 per tonne (FOB), India offers the most affordable rapeseed meal to South Korea, Vietnam, Thailand, and other nations in the Far East, while the price of rapeseed meal from the Hamburg exmill is listed at $368 per tonne.
Local soyabean meal costs have dropped to $42,000 per tonne due to the drop in local soyabean prices to $5,500 per quintal. This has improved the appeal of soybean meal exports. Observing that South-East Asian nations are the main buyers of Indian soyabean meal, he claimed that India has a logistical edge over these nations and can provide small lots to them. Indian soyabean meal is chosen by some European nations and the U.S. because it is non-GMO.
According to him, currency depreciation is also boosting overall exports. As a result, soyabean meal exports from India have increased. In comparison to the first eight months of 2021–2022, India exported 3.26 lt of soyabean meal, up from 2.19 lt.