Exports jump 58.23 pc to record USD 34 bn in March; 7.4 pc dip in 2020-21
Oil imports grew by 1.22 per cent to USD 10.17 billion in March. During 2020-21, oil imports dipped by 37 per cent to USD 82.25 billion.
India’s oil meal exports during the first half of the current financial year – April to September – were 39 per cent higher year-on-year at around 1.77 million tonnes, data compiled by vegetable oil industry body The Solvent Extractors’ Association of India (SEA) showed.
During the same period last fiscal, the export of oil meals was at 1.27 million tonnes. Oilmeals are basically the residue left over after the extraction of oil from oilseeds, and they are widely used as livestock feed.
In September, exports of oil meals were provisionally reported at 240,669 tonnes, compared to 183,837 tonnes in September 2021 — up by 31 per cent, SEA data showed.
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South Korea, Vietnam, Thailand, Bangladesh, and Taiwan are some of India’s major oil meal destinations.
During April-September 2022, South Korea imported 529,201 tonnes of oil meals, Vietnam imported 311,046 tonnes, Thailand imported 358,191 tonnes, Bangladesh sourced 178,017 tonnes, and Taiwan imported 61,838 tonnes of oil meals, data showed.
It is important to note that the export of rapeseed meal has doubled to 1,24 tonnes compared to 605,355 tonnes same period last year, which the industry body attributed to a record crop of rapeseed and crushing which resulted in the highest processing, and availability of rapeseed meal for exports.
“There is likely, starting with a new season from November, the export of soybean meal from India will pick up post-Diwali,” it said adding that Indian soybean meal has the advantage of being a non-GM variety and is preferred in certain European Countries.
Coming to exports from various ports, the export from Kandla is reported at 663,311 tons (37 per cent), followed by Mundra at 515,981 tons (29 per cent), Mumbai including JNPT handled 91,732 tons (5 per cent), Kolkata handled 173,130 tons (10 per cent) and other ports handled 327,525 tons (18 per cent).
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