India's Oilmeal Exports Soar by 21%: Soyabean and Rapeseed Propel Growth in Global Market

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India's Oilmeal Exports Soar by 21%: Soyabean and Rapeseed Propel Growth in Global Market

India's oilmeal exports surge by 21.04% during April-November 2023-24, driven by increased demand for soyabean and rapeseed meals. The country's logistic advantage to South-East Asia and competitive pricing contribute to this remarkable export growth. Despite challenges, such as the extended ban on ricebran exports impacting eastern India's processors, major importers like South Korea, Thailand, Vietnam, and Bangladesh continue to fuel India's robust performance in the global oilmeal market.

Highlights

Overall Growth in Oilmeal Exports: India has witnessed a significant growth of 21.04% in the export of oilmeals during April-November of the current financial year. This increase is attributed to the export growth of soyabean meal and rapeseed meal.

Export Figures: Data from the Solvent Extractors’ Association of India (SEA) reveals that India exported 28.83 lakh tonnes of oilmeals during the mentioned period, compared to 23.82 lakh tonnes in the corresponding period of the previous financial year.

Demand for Indian Soyabean Meal: Improved price competitiveness and a shortage of Argentine export supplies have contributed to the increased demand for Indian soyabean meal in the international market.

Soyabean and Rapeseed Meal Exports: India exported 8.57 lakh tonnes of soyabean meal during the first eight months of 2023-24, showing a notable increase from 3.25 lakh tonnes in the previous year. Additionally, rapeseed meal exports reached 16.07 lakh tonnes during April-November of 2023-24, compared to 14.74 lakh tonnes in the same period the previous year.

Logistic Advantage to South-East Asia: South-East Asia is a significant consumer of Indian soyabean meal, and India holds a logistic advantage in supplying to destinations in this region in small lots.

Extension of Ban on Ricebran Exports: The Indian government has extended the ban on the export of de-oiled ricebran until March 31, 2024. This decision, contrary to industry expectations, has impacted ricebran processors, especially in eastern India.

Impact on Ricebran Industry: The ban extension poses a threat to ricebran processors in eastern India, potentially leading to shutdowns. The underdeveloped nature of the cattle feed industry in the region has resulted in limited domestic demand for ricebran extraction.

Major Importers of Oilmeals from India: South Korea, Thailand, Vietnam, and Bangladesh are identified as major importers of oilmeals from India. The specific quantities and types of oilmeals imported by each country are outlined, demonstrating India's diverse export destinations.

Conclusion

India's prowess in oilmeal exports underscores its resilience in meeting global demand, with soyabean and rapeseed emerging as key drivers of success. While challenges like the ricebran export ban pose concerns for specific regions, the overall trajectory indicates a strategic advantage in key markets. With diversified export destinations and a commitment to competitive pricing, India remains a significant player in the international oilmeal landscape, promising continued growth and influence.

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