According to data compiled by the vegetable oil industry body, the Solvent Extractors' Association of India (SEA), India's overall oil meal exports during the current fiscal year from the month of April to October - were 38% higher year on year at around 1.97 million tonnes.
During the comparable period last fiscal year, oil meal exports totaled 1.43 million tonnes. Oil meals are the residue left over after extracting oil from oilseeds, and they are popularly used as livestock feed.
Exports of the product were preliminarily reported to be 213,154 tonnes in October, up 35% from 157,590 tonnes during the same period last year. It is worth mentioning that rapeseed meal exports have more than doubled to 1.34 million tonnes in 2022-23, compared to 658,230 tonnes in the same period last year, due mainly to a record crop and crushing that resulted in the highest processing and access of rapeseed meal for exports.
As per the vegetable oil industry body, "India is currently the most competitive supplier of rapeseed to South Korea, Vietnam, Thailand, and other far east countries. These three countries are the top importers of Indian oil meals. The vegetable oil industry body told media that "With the likely little further fall in international soybean meal price due to higher crushing, resulting in ample supplies of soybean meal in the Global market and presumed good Indian soybean crop in current Kharif season with substantial carry forward".
The soybean meal export from India is anticipated to skyrocket in the coming months. Indian soybean meal also has the edge of being non-genetically modified (GM) and is preferred in some European countries.
Top importers from April to October of fiscal year 23
South Korea Imported 5.60 lt of oil meal from India (3.73 lt in 2021-22):
Rapeseed meal: 4.17 lt
Soybean meal: 19,931 tonnes
Castor seed meal: 1.23 lt
Vietnam Imported 3.67 liters of oil meal From India:
Rapeseed meal: 1.94 Lt
Soybean meal: 6,719 Lt
Groundnut meal: 1,999 Lt
Rice Bran Extraction: 3.39 Lt
Thailand Imported3.90 lt (1.37 lt) of oil meals from India:
Rapeseed meal: 3.87 lt
Soybean meal: 1,378 tonnes
Groundnut meal: 799 tonnes
Bangladesh Imported 2.02 lt of oil meals (2.40 lt) from India:
Rice-bran extraction: 40,951 tonnes
Rapeseed meal: 1.61 lt
Taiwan imported 72,086 tonnes of oil meals from India:
Castor seed meal: 48,129 tonnes
Rapeseed Meal: 19,414 tonnes
Groundnut Meal: 3,489 tonnes
Soybean Meal: 1,054 tonnes
