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Export of oilmeals jump up by 93% in November 2017

Capital Market 

The export of oilmeals during November 2017 is provisionally reported at 328,091 tons compared to 170,189 tons in November 2016 i.e. up by 93% due to jumped in export of soybean meal as per the data compiled by The Solvent Extractors' Association of India. The overall export of oilmeals during April - November 2017 provisionally reported at 1,813,037 tons compared to 868,358 tons during the same period of last year.

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

During April - Nov., 2017 oilmeal imported by Vietnam from India reported at 286,874 tons compared to 181,160 tons; consisting of 18,380 tons of soybean meal, 43,063 tons of rapeseed meal and 225,430 tons of De-oiled Rice Bran Extraction. South Korea imported 547,812 tons compared to 433,989 tons; consisting 181,502 tons of rapeseed meal, 341,549 tons of castor meal and 24,761 tons of soybean meal.

Bangladesh imported 110,105 tons compared to 51,788 tons; consisting 25,488 tons of rapeseed meal, 5,079 tons of De-oiled Rice Bran Extractions and 79,538 tons of soybean meal. Thailand imported 122,088 tons compared to 8,841 tons; consisting 90,659 tons of rapeseed meal, 9,454 tons of De-oiled Rice Bran Extractions and 21,940 tons of soybean meal. European countries were the major importer of Indian Soybean Meal. France imported 65,190; consisting 60,525 tons of soybean meal and 4,665 tons of Castor meal and rest of European countries imported 257,738 tons of oilmeals, mainly soybean meal.

The export from Kandla is reported at 982,161 tons (54%), followed by Mumbai including JNPT handled 254,701 tons (14%), Mundra handled 153,505 tons (8%) and Kolkata handled 243,164 tons (13%) and others ports handled 179,506 tons (10%).

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, December 07 2017. 13:05 IST