New Delhi [India], April 17 : India's oilmeal exports have soared to their highest levels since the 2013-14 fiscal year. According to data released by The Solvent Extractors Association of India (SEA), India's oilmeal exports during the fiscal year April 2023 to March 2024 reached to 4,885,437 tons, valued at Rs. 15,370 crores.
The export represents an increase of 13% in quantity and 35% in value compared to the previous year's figures of 4,336,287 tons valued at Rs. 11,400 crores. The surge in exports highlights India's growing prowess in the global oilmeals market.
According to the data, the key driver behind this growth is the substantial increase in the export of soybean meal, which more than doubled during the financial year 2023-24.
Indian soybean meal emerged as a highly competitive commodity in the international market, leading to a surge in export volume to 21.33 lakh tons, up from 10.22 lakh tons in the previous year.
While Bangladesh emerged as the largest importer of Indian oilmeals, procuring 8.92 lakh tons, followed closely by South Korea, which secured its position as the second-largest importer, importing 8.32 lakh tons of oilmeals. Thailand also emerged as a significant importer, receiving 6.33 lakh tons of oilmeals, predominantly comprising rapeseed meal.
Oilmeals is the residue left over after the extraction of oil from oilseeds and it is widely utilized as livestock feed globally.
India, as the world's second-largest consumer and leading vegetable oil importer, meets 60% of its needs through imports, primarily from Indonesia and Malaysia.
While oilseed production in India has witnessed growth over the years, it has not kept pace with consumption, leading to a continued reliance on imports.
The surge in oilmeal exports highlights India's potential as a major player in the global agricultural market, showcasing its ability to meet international demand while maintaining competitive pricing and quality standards.
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