Oilmeal exports dip on lower overseas demand

India’s oilmeals exports fell 33 per cent in January due to lower overseas demand on global economic slowdown. According to data compiled by the Solvent Extractors’ Association (SEA), the country’s total exports of oilmeals declined to 563,723 tonnes in January 2009 as compared to 839,392 tonnes in the comparable month last year.

Total shipment, however, jumped 21 per cent to 3,825,410 tonnes for the 10-month period ended January 2009 period of the current fiscal as compared to 4,616,486 tonnes in the corresponding period last year.

During the period, export of soybean meal increased in from 2,680,200 tonnes to 3,577,577 tonnes and rapeseed meal from 691,252 tonnes to 730,302 tonnes. Shipment of other oilmeals - ricebran extraction, castor seed extraction and groundnut extractions - have also decreased in first ten months of the financial year 2008-09.

The free on board (fob) earning during January 2009 was recorded at Rs 974 crore while the same was witnessed at Rs 6997 crore for the period between April 2008 and January 2009.

Oilmeal import by Vietnam from India for the period April 2008 to January 2009 is stagnant and is reported at 1,227,562 tonnes as compared to 1,236,131 tonnes last year, consisting of 1,069,893 tonnes of soybean meal, 52,675 tonnes of rapeseed meal and entire 104,680 tonnes of rice bran extraction.

South Korea reported import of 708,754 tonnes compared to 645,950 tonnes of last year, consisting of 338,036 tonnes of rapeseed meal, 206,724 tonnes of soybean meal and 163,994 tonnes of castor seed meal. Japan again emerged as big importer and bought 686,761 tonnes compared to 516,175 tonnes last year consisting of 679,788 tonnes of soybean meal being non-GMO and 6,973 tonnes of rapeseed meal during April 2008 to January 2009 period.