Iran, S Korea stoke oilmeal exports up 7%

Data compiled by SEA showed exports at 3.2 mn tonnes during Apr-Dec in 2013 compared to three mn tonnes a year ago

Oilmeal exports rose seven per cent during the first nine months of the current financial year due to increased supply to Iran and South Korea, the newly-developed export markets.

Data compiled by the Solvent Extractors’ Association (SEA) showed exports at 3.2 million tonnes during April-December in 2013 compared to three million tonnes a year ago.

Shipments were down 20 per cent in the first quarter due to a drastic fall in the export of soymeal, followed by a 43 per cent surge in the second quarter.

Heavy buying of soymeal from Iran and Europe lifted overall exports of oilmeal in the third quarter as well, with high export of soya bean, rapeseed and castorseed meal.

Rupee depreciation also helped exports. Oilmeal import by South Korea during April-December was 821,811 tonnes, up from 647,331 tonnes a year ago.

Iran imported 923,779 tonnes of oilmeal in the first nine months of FY14, double the 493,669 tonnes it had imported a year ago.