Export of Oilmeals up by 56% during April 2017-February 2018

The export during February 2018 is provisionally reported at 161,969 tons compared to 305,457 tons in February 2017 i.e. down by 47%, as per the export of oilmeals data for the month of February 2018, compiled by The Solvent Extractors' Association of India. The overall export of oilmeals during April 2017 to February 2018 provisionally is reported at 2,677,536 tons compared to 1,714,984 tons during the same period of last year i.e. up by 56%.

On 17th November 2017, Government raised the import duty on edible oils by 12.5% to 15% across the board and increased MEIS on soybean meal to 7% from 5%. This steps has made Indian oilmeal more competitive in the world market and resulted in to larger export of oilmeals during current year.

Secondly, after two difficult years, export of oilmeals has revived in the current year, but still lower than earlier years, when India used to export annually over 40 lakh tons to 45 lakh tons of oilmeals.

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