: Oil meal exports from India grow by 19% in July: SEA #finance #StockMarketNEWS Oil meal exports from India grow by 19% in July: SEA New Delhi, Aug 18 (KNN) India’s oil meal exports are up by

Oil meal exports from India grow by 19% in July: SEA #finance #StockMarketNEWS
Oil meal exports from India grow by 19% in July: SEA New Delhi, Aug 18 (KNN) India’s oil meal exports are up by 19 per cent to 2, 27,247 tonnes in July this year as compared to 1, 91,663 tonnes in the same period last year.

According to the latest data released by Solvent Extractors Association (SEA) of India, the overall export of oil meals during April-July jumped 35 per cent to 12,48,512 tonnes compared to 9,27,555 tonnes in the same period of 2021.

The primary reason for the jump is due to increase in the shipments of rapeseed meals.

Exports of rapeseed meal during April-July witnessed an enormous jump of 77 per cent at 8,51,212 tonnes compared to 4,79,572 tonnes following a record crop and crushing which led to high processing, availability and exports, SEA said.

Currently, India ships rapeseed meal to South Korea, Vietnam, Thailand and other Far East Countries at USD 295 FOB (Freight On Board) India, while rapeseed Hamburg ex-mill is at USD 376.

India’s major export partner in oil meals in the months of April-July with 4, 24,719 tonnes compared to 2, 77,034 tonnes during the same period of last year is South Korea. The trade between the countries include 3, 55,280 tonnes of rapeseed meal, 55,719 tonnes of castor seed meal and 13,720 tonnes of soybean meal.

In second place comes Vietnam. It imported 2,26,606 tonnes of oil meals compared to 1,64,115 tonnes last year, consisting of 1,36,014 tonnes of rice bran extraction, 88,569 tonnes of rapeseed meal, 1,575 tonnes of soybean meal and 448 tonnes of groundnut meal.

Thailand imported 1, 56,821 tonnes of oil meals compared to 1, 17,388 tonnes during the first four months of 2021, consisting of 1, 55,835 tonnes of rapeseed meal and 986 tonnes of soybean meal.

The SEA data also shows a downwards graph in the soybean meal export as Indian shipment is still outpriced in the international market. Meanwhile, export of castor meal has marginally declined at 22,401 tonnes and rice bran extraction is maintained at the same level at 45,225 tonnes compared to the same period of last year. (KNN Bureau)