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Oilmeal export earnings rise by 39% in 2017-18

Date 11-Apr-2018
Subject Oilmeal export earnings rise by 39% in 2017-18

The overall exports of oilmeals during 2017-18 has been provisionally reported at 2,839,623 tonne compared to 1,885,480 tonne during the same period last year. The rise is due to higher export of rapeseed meal (up by 26%), ricebran extractions (up by 27%) and castor seed meal (up by 51%). In terms of value, the total earnings has increased to `4,489 crores compared to Rs 3219 crores, a raise to 39%, the Solvent Extractors Association of India ( SEAI) has said.

In November 17 last year, government raised the import duty on edible oils to 15% across the board and increased MEIS (Merchandise Exports from India Scheme) on soybean meal from 5% to 7%. These steps resulted in higher export of oilmeals during the current year, BV Mehta, executive director of the association stated.As per the data, the export of oilmeals during March 2018 is provisionally reported at 75,393 tonne compared to 170,496 tonne in March 2017, i.e. a reduction of 56% .

During April 2017 to March 2018, Vietnam imported 646,490 tonne of oilmeals from India (compared to 345,745 tonne), consisting of 42,897 tonne of soybean meal, 92,293 tonne of rapeseed meal and 511,300 tonne of de-oiled rice bran extraction. South Korea imported 752,799 tonne of oilmeals (compared to 545,092 tonne) consisting 263,213 tonne of rapeseed meal, 459,414 tonne of castor meal and 30,172 tonne of soybean meal while Bangladesh imported 145,293 tonne of oilmeals (compared to 230,588 tonne), consisting 27,127 tonne of rapeseed meal, 5,857 tonne of de-oiled rice bran extractions and 112,309 tonne of soybean meal. Thailand imported 196,850 tonne of oilmeals (compared to 23,517 tonne), consisting 129,619 tonne of rapeseed meal, 17,949 tonne of de-oiled rice bran extractions and 49,247 tonne of soybean meal.

European countries were the major importers of Indian soybean meal. France imported 168,709 tonne of oilmeals (compared to 223,965 tonne), consisting of 161,230 tonne of soybean meal and 7,479 tonne of castor meal. Other European countries imported 209,826 tonne of oilmeals (compared to 18,604 tonne), mainly soybean meal.

The export from Kandla is reported at 1,408,565 tonne (50%), followed by Mumbai, including JNPT, at 399,795 tonne (14%), Mundra at 244,012 tonne (9%) and Kolkata at 520,538 tonne (18%). Others ports handled 266,713 tonne (9%).

Source:-Financialexpress.com

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