Oilmeals exports rose 36 per cent last month to nearly 2.9 lakh tonnes on higher shipments of soyabean meal and rapeseed meal, according to industry data. Solvent Extractors’ Association of India (SEA) data showed that the export of oilmeals in October stood at 2,89,931 tonnes as compared to 2,13,153 tonnes in the same month last year.
Soyabean meal export rose to 87,060 tonnes last month from 40,196 tonnes in the year-ago period, while shipment of rapeseed meal increased to 1,69,422 tonnes from 98,571 tonnes during the period under review.
‘Foreign demand for Indian soyabean meal has benefited from improved price competitiveness and the shortage of Argentine export supplies in recent months,’ SEA said.
‘The major consumers of Indian soyabean meal are South East Asia, where India has a logistic advantage and also can supply in small lots,’ SEA Executive Director B V Mehta said.
Also, Indian Soybean Meal being Non-GMO has an advantage and is preferred by certain European countries and the US, he added.
During the April-October period of this fiscal, the total export of oilmeals increased 30 per cent to 25,66,051 tonnes as compared to 19,75,496 tonnes in the corresponding period of the previous year. Soyabean meal export jumped to 6,73,910 tonnes in the first seven months of this fiscal from 1,61,534 tonnes in the year-ago period.
This article has been republished from The Economic Times.