India witnessed a significant surge in the export of oilmeals in August 2023 with figures reaching 3.54 lakh tonnes (lt), marking a remarkable 25.74% increase compared to August 2022 when it stood at 2.81 lt.
According to data from the Solvent Extractors' Association of India (SEA), the overall export of oilmeals for the period between April and August 2023-24 amounted to 19.45 lt. This figure represents a substantial growth of 27.85% in comparison to the same period in the previous year, which recorded 15.21 lt.
BV Mehta, the Executive Director of SEA, attributed this positive trend to India's competitiveness in the international market, particularly regarding soyabean meal.
Mehta pointed out that India's export of soyabean meal had experienced a remarkable revival during the current fiscal year. India exported a total of 4.81 lt of soyabean meal from April to August in 2023-24, a stark contrast to the 1.07 lt exported during the same period in the previous fiscal year. The export of rapeseed meal also performed exceptionally well, with the country exporting 11.55 lt during the first five months of 2023-24, compared to 10.77 lt in April-August 2022-23.
Additionally, India exported 1.51 lt of rice bran extractions and 1.46 lt of castor seed meal during this period. However, an important development concerning the export of de-oiled rice bran was noted. The government had imposed a ban on the export of de-oiled rice bran, a product that was annually exported to countries such as Vietnam, Bangladesh, and Thailand, typically amounting to 5-6 lt. In the period from April to July of the current year, India exported approximately 1.5 lt of de-oiled rice bran. This ban, effective from July 28 until November 30, is expected to have significant consequences for domestic rice bran processors and the export of de-oiled rice bran.
BV Mehta highlighted that neighbouring countries were major export destinations for many solvent extraction units in the Eastern States, particularly West Bengal, which produced de-oiled rice bran.
Regarding major importers of Indian oilmeals, South Korea imported 3.82 lt of oilmeals during April-August 2023, compared to 4.52 lt in the same period the previous year.
This included 2.91 lt of rapeseed meal, 68,732 tonnes of castor seed meal, and 21,600 tonnes of soyabean meal. Vietnam imported 2.85 lt of oilmeals, comprising 90,540 tonnes of rice bran extraction, 1.44 lt of rapeseed meal, 49,044 tonnes of soyabean meal, and 748 tonnes of groundnut meal. Thailand also imported 3.49 lt of oilmeals from India during the same period, which included 3.37 lt of rapeseed meal, 6,115 tonnes of soyabean meal, 4,666 tonnes of rice bran extraction, and 701 tonnes of castor seed meal.
Lastly, Bangladesh imported 3.82 lt of oilmeals from India during April-August 2023, as compared to 1.66 lt in the corresponding period of the previous fiscal year. This import included 27,771 tonnes of rice bran extraction, 1.90 lt of rapeseed, and 1.63 lt of soyabean meal
Hence, India experienced robust growth in its oilmeal exports during August 2023 and the first five months of the fiscal year 2023-24. This growth was primarily driven by increased exports of soyabean meal and rapeseed meal, with neighbouring countries such as South Korea, Vietnam, Thailand, and Bangladesh being major importers.
However, the temporary ban on de-oiled rice bran exports could have significant repercussions for the industry.
