India's Oilmeal export dips 9% on year in November 2024

The Solvent Extractors Association (SEA) of India has stated that export of oilmeals for the month of Nov., 2024 is provisionally reported at 363,620 tons compared to 397,991 tons in Nov., 2023 i.e. down by 9%. The overall export of oilmeals during April to Nov., 2024 reported at 2,751,947 tons compared to 2,964,042 tons during the same period of last year i.e. down by 7%, mainly due to reduction in export of rapeseed meal, castorseed meal. SEA noted that in the first eight months of the current year (April to Nov., 2024) the export of soybean meal increased and reported at 12.06 lakh tons compared to 9.37 lakh tons of the same period of last year, thanks to higher import by U.A.E., Iran and France. However, in recent months with increased supply of soybean meal in world market, Indian soybean meal is facing severer competition and export likely to slow down in coming months. In case of Rapeseed meal, Bangladesh is the major market faced with uncertainty and volume reduced in recent months.

Powered by Capital Market - Live News