India’s Oilmeal Exports Jump 51 pc in FY21

According to Solvent Extractors’ Association (SEA), the country’s oil meal exports increased by 51.44% to 36.8 lakh tonne in FY21 from 24.3 lakh tonne in FY20, attributable to a significant increase in soybean meal shipments.

Oil meal exports almost doubled in value to Rs. 8,850 crore (US$ 1.21 billion) in FY21 from Rs. 4,450 crore (US$ 608.91 million) in FY20.

Oil meals are used in poultry and other industries as animal feed. According to SEA, soybean meal exports increased to 15.64 lakh tonne in FY21, up from 6.92 lakh tonne in FY20.

Similarly, rapeseed meal exports increased to 11.13 lakh tonne from 9.61 lakh tonne in the same period, while rice bran extension exports increased to 5.76 lakh tonne from 2.36 lakh tonne.

According to the SEA, India exported a record 5.76 lakh tonne of rice bran extraction in FY21, driven by rapid demand from Bangladesh as a result of their rice crop failure.

Castor seed meal exports stood at 4.19 lakh tonnes in FY21.

As per SEA, the export performance of soybean meal during the first half of FY22 is projected to be lesser since India is entirely outpriced in the international market due to high domestic soybean prices.

It indicates that, due to lower soybean meal exports, domestic availability will be higher for the domestic feed business, the report stated.

India is a strong supplier to South Korea, Vietnam, Thailand, and other Far East countries; thus, rapeseed meal exports are likely to remain unchanged from last year. Castor seed meal exports are also predicted to be at the same level as last year.

Apart from the US, the main export markets for Indian oil meals include Southeast Asian countries, the Middle East, and European countries such as Germany.