Mumbai, 21 Jun (Commoditiescontrol): The Solvent Extractors' Association of India has reported an unprecedented rise in the export of oil meals for April and May 2023. The figures released indicate a significant increase of 59%, with total exports reaching 930,044 tons, compared to the same period in the previous year when the figure was 586,415 tons.
This substantial boost in exports can primarily be attributed to the increased export of soybean and rapeseed meals. The provisional export data for May 2023 stands at 436,596 tons, demonstrating a 72% rise from the May 2022 total of 254,062 tons.
The surge in soybean meal exports is a direct consequence of the fall in local soybean prices, which has dipped to Rs.4900 per quintal from a peak of Rs.7640 per quintal in April 2022. This shift in pricing has made soybean meal export economically attractive, aiding the revival of exports in recent months. As of 19th June 2023, the Indian soybean meal Ex-Kandla is quoted at US$ 595 per ton.
India's primary consumers of soybean meal are in Southeast Asia, an area where India has a logistic advantage and the capacity to supply in small lots. Moreover, the Indian Soybean Meal, being Non-GMO, is preferred in certain European countries and the U.S.A. The depreciation of the rupee has also positively affected overall exports.
In the current financial year, 2022-23, the export of rapeseed meal has set a new record. The figure stands at a staggering 22,96,943 tons, marking the highest since exports began. The upward trend in the export of rapeseed meals continued in April-May 2023, with a reported 480,000 tons compared to 398,000 tons in the corresponding period of 2022. Currently, India is the most competitive supplier of rapeseed meals to South Korea, Vietnam, Thailand, and other Far East Countries, with a price of US$ 270 per ton FOB India.
From April to May 2023, South Korea, Vietnam, Thailand, and Bangladesh emerged as the main importers of Indian oil meals. South Korea and Vietnam imported 189,704 tons and 142,285 tons of oil meals, respectively, while Thailand's imports rose sharply to 152,054 tons compared to 61,539 tons in the same period last year. Bangladesh also reported a significant import increase, with 193,607 tons of oil meals compared to 70,574 tons in the previous year.
Regarding port-wise exports from April to May 2023, Kandla reported 241,410 tons (26%) of the exports, Mundra handled 300,187 tons (32%), Mumbai, including JNPT, dealt with 93,454 tons (10%), Kolkata managed 52,130 tons (6%), and other ports accounted for 242,863 tons (26%) of the total exports.
(By Commoditiescontrol Bureau: 09820130172)
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