Oilmeals exports jumps more than two fold in Aug: SEA

Country shipped 1,25,780 tonnes of oilmeals in the same month last year

Export of oilmeals -- mainly used as animal feed -- increased more than two fold to 3,07,733 tonnes in August from the year-ago period, on strong demand for soyabean meal from Iran and Europe besides weakening rupee, an industry body SEA said today.

The country had shipped 1,25,780 tonnes of oilmeals in the same month last year, it said in a statement.

According to Mumbai-based Solvent Extractors Association of India (SEA), the shipments in August rose significantly due to increased demand for soyabean meal and rapeseed meal.

Of 3,07,733 tonnes shipments made in August 2013, soyabean meal comprised of 1,83,555 tonnes, rapeseed meal (90,735 tonnes), castorseed meal (30,943 tonnes) and ricebran extraction (2,500 tonnes).

Soyabean meal and rapeseed meal shipments exceeded previous months level due to increased buying from Iran and Europe and depreciation of rupee, it added. Rupee has fallen sharply in the last few weeks and is ruling at Rs 65.69 against the US dollar at 1330 hours today.

However, during April-August of this fiscal, the total oilmeals exports fell by 10% to 13.35 lakh tonnes from 14.82 lakh tonnes in the year-ago period, the SEA said.

Export fell in this period because of slump in demand from Japan, Indonesia, Vietnam and Thailand, while shipments to South Korea and Iran remained stronger, it noticed.

For instance, shipments to Japan fell by 84% to 13,077 tonnes in April-August of this fiscal from 85,181 tonnes in the same period last year.

Similarly, exports to Vietnam fell by 74% to 42,981 tonnes from 1,65,778 tonnes, while shipments to Indonesia declined by 64% to 34,313 tonnes from 96,900 tonnes in the review period.

Whereas shipments to Iran and South Korea improved marginally to 4,72,361 tonnes and 4,16,043 tonnes, respectively, in the said period.

More than 80% of the shipments has been undertaken from Kandla port in Gujarat, SEA added.