India saw a 9% rise in oil meal exports in February 2024, driven by a 34% increase in soya bean meal exports. Total oil meal exports reached 5.15 lakh tonnes, up from 4.71 lakh tonnes in February 2023. The Solvent Extractors’ Association of India reported a year-on-year increase in overall oil meal exports to 44.90 lakh tonnes in the first 11 months of 2023-24.
Indian soya bean meal faces tough competition from cheaper Argentine counterparts, priced at $490/tonne compared to $415/tonne for Argentine soya bean meal. Indian rapeseed processing is expected to lag due to crushing disparities, slowing down rapeseed meal exports to 20.40 lakh tonnes in the first 11 months of 2023-24 from 20.48 lakh tonnes in the same period of 2022-23.
South Korea imported 7.87 lakh tonnes of oilmeals from India between April and February 2023-24, down from 8.80 lakh tonnes in the same period the previous year. India’s exports to Vietnam totaled 3.94 lakh tonnes, decreased from 8.85 lakh tonnes, while Thailand received 6.04 lakh tonnes compared to 6.84 lakh tonnes previously.
