Oilmeals exports drop 47 per cent during February 2018
Export of oilmeals during February 2018 has dropped by 47% in comparison to February 2017 to 161,969 tons, according to figures compiled by the Solvent Extractors' Association of India.
The overall export of oilmeals during April 2017 to February 2018 provisionally is reported at 2,677,536 tons compared to 1,714,984 tons during the same period of last year - up by 56%.
On 17th November 2017, government raised the import duty on edible oils by 12.5% to 15% across the board and increased MEIS on soybean meal to 7% from 5%. This steps has made Indian oilmeal more competitive in the world market and resulted in to larger export of oilmeals during current year.
Secondly, after two difficult years, export of oilmeals has revived in the current year, but still lower than earlier years, when India used to export annually over 40 lakh tons to 45 lakh tons of oilmeals. During April’17– Feb.’18 oilmeal imported by Vietnam from India is reported at 564,091 tons compared to 323,297 tons; consisting of 42,456 tons of soybean meal, 84,788 tons of rapeseed meal and 436,847 tons of De-oiled Rice Bran Extraction.
South Korea imported 756,946 tons compared to 514,702 tons; consisting 267,360 tons of rapeseed meal, 459,414 tons of castor meal and 30,172 tons of soybean meal. Bangladesh imported 138,889 tons compared to 230,588 tons; consisting 26,037 tons of rapeseed meal, 5,857 tons of De-oiled Rice Bran Extractions and 106,995 tons of soybean meal. Thailand imported 167,681 tons compared to 16,925 tons; consisting 105,997 tons of rapeseed meal, 13,502 tons of De-oiled Rice Bran Extractions and 48,147 tons of soybean meal. European countries were the major importer of Indian Soybean Meal. France imported 141,948 tons of oilmeals compared to 208,489 tons; consisting 136,519 tons of soybean meal and 5,429 tons of Castor meal and rest of European countries imported 341,145 tons of oilmeals, mainly soybean meal.
By BOA Bureau