Fall in local prices, rupee depreciation drive oil meal exports up by 150% in Nov: SEA

Sharp fall in local prices of oilseeds coupled with depreciation of rupees has resulted in a jump of 150% in year-on-year export of oilmeals in November 2022 over the corresponding month of previous year. Export of rapeseed meal in the first 8 months has set a record by breaking previous high of 2011-12 fiscal, said industry body Solvent Extractors’ Association (SEA) of India in a report.

India exported 4,07,193 tonnes of oilmeal in November 2022 as compared to 1,63,057 tonnes of exports in November 2021.

The overall export of oilmeals during the six months from April to November is reported at 23,92,026 tonne as compared to 15,96,870 tonnes, up by 50%.

“During the first eight months of the current fiscal, export of rapeseed meal at 14,76,784 tonnes has broken the earlier record export of 12,48,000 tonnes in 2011-12 fiscal. Currently India is the most competitive supplier of rapeseed meal to South Korea, Vietnam, Thailand, and other far east countries,” said SEA.

Prices of Indian soyabean had touched historic highs by crossing Rs 10,500/quintal in the previous year. “With a fall in local soybean price to the level of Rs.5500 per quintal, local soybean meal price also fell to Rs.42,000 per tonne, which has made export more attractive,” said SEA.

“The rupee depreciation is also pushing the overall export. This helped India to revive the export of soybean meal to 1,64,000 tonnes in November 2022 when compared to just 42,000 tonnes shipped in November 2021,” said SEA.

It added, “With lower-than-expected soybean crop and crushing from Argentina, soybean meal export from the other origins is expected to rise. As on December 15, Brazil soybean meal price Ex-Rotterdam was quoted at $588 per tonnes, while Indian soybean meal Ex-Kandla was quoted at $ 535 per tonne.”
The major consumer of Indian soybean meal are south east Asian countries, where India has a logistic advantage and also can supply in smaller shipments. Being non-GMO, Indian soyameal has an advantage and is preferred by certain European countries and US.

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