Mumbai, 17 Nov (Commoditiescontrol): The Solvent Extractors' Association of India has released a detailed report revealing a significant surge in the country's oilmeal exports for the period April to October 2023. This period saw a remarkable 30% increase in exports compared to the same timeframe in 2022, highlighting India's strengthening position in the global agro-commodity market.
Key Developments in Oilmeal Exports:
Record-breaking Export Figures:
October 2023 marked a 36% increase in oilmeal exports, totaling 289,931 tons.
Overall exports from April to October 2023 reached an impressive 2,566,051 tons, a 30% increase from the previous year's 1,975,496 tons.
Dominant Commodities - Soybean and Rapeseed Meal:
Soybean Meal: Indian soybean meal exports have revived robustly, largely due to competitive pricing and a global shortfall in Argentine supplies. Its non-GMO quality has led to a preference in Southeast Asia, Europe, and the USA.
Rapeseed Meal: Witnessing an all-time high in the fiscal year 2022-23, rapeseed meal exports continued to rise, with a 13% increase in April-October 2023, reaching 1,513,917 tons.
Pricing Strategy - A Key Factor:
India's soybean meal was competitively priced at $570 per ton, compared to Argentine soyameal at $606 per ton.
As the most competitive supplier, India offered rapeseed meal at $325 per ton FOB, appealing to markets like South Korea, Vietnam, and Thailand.
Detailed Export Breakdown:
The report provides an extensive month-by-month, country-specific analysis.
Significant importers include South Korea, Vietnam, Thailand, and Bangladesh, with a noteworthy upsurge in Bangladeshi imports.
Impact of Government Policy on De-oiled Rice Bran Exports:
The temporary export ban on de-oiled rice bran (July 28 - November 30, 2023) has stirred concerns in the domestic industry. The Solvent Extractors' Association is advocating for the ban's reversal to stabilize the sector.
Port-wise Export Data:
Major ports like Kandla, Mundra, Mumbai, and Kolkata feature prominently in the export data, underlining their pivotal role in this sector.
Comprehensive Data Attachments:
The Association has included detailed statements offering month-wise, port-wise, and country-wise export comparisons with the previous year.
Concluding Observations:
The Solvent Extractors' Association of India's report highlights the country's booming oil meal export sector, particularly in soybean and rapeseed meal, and underscores the strategic pricing and quality factors driving this growth.
However, the temporary ban on de-oiled rice bran exports points to ongoing policy challenges within certain sub-sectors, necessitating careful consideration and action.
(By Commoditiescontrol Bureau; +91-9820130172)
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