India’s overall oilmeal exports rose 19 per cent on a yearly basis during the first quarter of the financial year 2023-2024 to 1.21 million tonne, according to the Solvent Extractors’ Association of India (SEA) data. In June, exports were, however, 35 per cent lower.
In the same quarter of 2022, the total oilmeal exports were 1.01 million tonne. During the April-June quarter, the exports of soybean meal were reported at 3,64,611 tonne, rapeseed meal 6,20,738 tonne, ricebran extractions 1,25,582 tonne, and castor seed meal 90,750 tonne.
South Korea, Vietnam, Thailand, Bangladesh, and Taiwan are some of the key oilmeal buyers from India.
Oilmeals are basically the residue left over after the extraction of oil from oilseeds and are widely used as livestock feed worldwide.
India is the world’s second-largest consumer and number one vegetable oil importer and it meets 60 per cent of its need through imports. A large part of it is palm oil and its derivatives, which are imported from Indonesia and Malaysia.
Although oilseed production in India has grown over the years, production has lagged behind its consumption, resulting in continuous dependence on imports.