Oilmeal Export Earnings Rise by 48% in 2017-18

Earnings from oilmeal exports have increased by 48% during 2017-18 at Rs. 4,758-crore as compared with Rs. 3,219-crore in 2016-17, according to data compiled by the Solvent Extractors’ Association of India (SEA). The growth in the export earnings was attributed to higher export of rapeseed meal at 663,988 tonnes, which more than doubled over previous year; ricebran extractions at 594,129 tonnes (up 77%) and castorseed meal at 572,762 tonnes (up 39%).

The overall export of oilmeals during 2017-18 was reported at 3,025,538 tonnes compared to 1,885,480 tonnes last year fiscal.

“The efforts made by SEA in promoting export of various oilmeals has yielded positive results. The export of rapeseed meal, de-oiled rice bran, castorseed meal and groundnut meal reached 1,837,720 tonnes valued at Rs. 1,850-crore as against 965,011 tonnes in 2016-17 worth Rs. 984-crore – indicating a 90% jump,” SEA said in a press statement.

SEA data revealed that FOB price for soyameal increased by over $100 per tonne in the last one year from $386 to $487 as on April 2018.

Meanwhile, the export of oilmeals during April 2018 was provisionally reported at 155,069 tonnes compared to 203,698 tonnes in April 2017. The export of rapeseed meal increased sharply to nearly 100,000 tons, most of it being exported to South Korea.

During April 2018, exports to Vietnam declined from 38,367 tonnes to around 8,000 tonnes (mainly de-oiled rice bran extraction). South Korea imported 95,579 tons of oilmeals (compared to 11,639 tonnes) consisting of 94,755 tonnes of rapeseed meal and 824 tonnes of soybean meal. Bangladesh imported 15,790 tons of soybean meal. France’s import of 23,504 tonnes also consisted mostly soybean meal.