Oilmeals export up 9% to 5.16 lakh tonne in Feb
Data showed that the total export of oilmeals during the April-February period of this fiscal increased 19%
image for illustrative purpose
New Delhi: Oilmeals export rose 9 per cent year-on-year in February to nearly 5.16 lakh tonnes on higher outward shipments of soyabean meal, according to trade data.
In a statement on Friday, Solvent Extraction of India (SEA) said the export of oilmeals in February stood at 515,704 tonne as compared to 4,71,770 tonne in the year-ago period. Of the total oilmeals export last month, the shipments of soyabean meal stood at 3,47,905 tonne and rapeseed meal 1,44,372 tonne. The data showed that the total export of oilmeals during the April-February period of this fiscal increased 19 per cent to 44,90,055 tonne as compared to 37,60,329 tonne in the corresponding period of the previous year.
The export of soybean meal during the April-February period of the 2023-24 fiscal rose to 19.34 lakh tonne compared to 7.87 lakh tonne in the same period of the previous year as Indian soybean meal was most competitive in the international market. However, SEA said that soyameal exports might slow down because of the lower price being quoted by Argentina.
As on March 13, 2024, Indian soybean meal Ex-Kandla is being quoted at $490 per tonne while soyameal Argentine cif Rotterdam at $415 per tonne. The export of rapeseed meal during the April-February period of this fiscal fell to 20.40 lakh tonne as compared to 20.48 lakh tonne in the year-ago period. During the April-February period of this fiscal, South Korea imported 787,909 tonne of oilmeals as compared to 8,80,615 tonne in the year-ago period.
