Oilmeals exports down 9% on low global demand

India's April-August oilmeals exports are down 9 per cent at 11.33 lakh tonne compared to 12.40 lakh tonne during the corresponding period last year, according to data released by the Solvent Extractors' Association of India.

The decline is largely due to lower global demand and better domestic offtake. Further, with lower global demand, prices are also low this year, making exports a non-profitable option in view of good domestic demand, an industry official said.

The decline in exports is led by soymeal, reduced to 6.19 lakh tonne from 7.76 lakh tonne in the corresponding period last year. The decline is due to the disparity in soybean processing and low freight-on-board realisations on exports.

Rapeseed meal, however, has seen a slight decline to 3.04 lakh tonne from 3.30 lakh tonne last year. The groundnut meal exports are almost half this year at 57,605 tonne from last year's 1.01 lakh tonne.

Rice bran extraction exports have revived this year and almost up four times on year at 41,083 tonne (compared to 11,561 tonne last year). Also castorseed meal exports have jumped almost five times to 1.11 lakh tonne from 21,425 tonne last year, largely due to export to Taiwan and South Korea for organic fertilisers.

Exports from Kandla are reported at 701,300 tonne (62 per cent), followed by Mumbai, which handled 209,875 tonne (19 per cent), Vizag handled 1,10,400 tonne (10 per cent), Bedi handled 75,675 tonne (6 per cent), and Kakinada handled 35,158 tonne (3 per cent).

However, the oilmeals exports more than doubled in the month of August to 1.8 lakh tonne, compared to 80,386 tonne last year.