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Oilmeal exports fell 36% in Q3 2021 due to domestic scarcity of oilmeal products

Oilmeal exports fell 36% in Q3 2021 due to domestic scarcity of oilmeal products

Oilmeal exports fell 36% year on year to 1.83 lakh tonne in September due to a domestic scarcity of the oilmeal products, according to industry body the Solvent Extractors’ Association of India (SEA) on Monday.

The government has approved the import of genetically modified (GM) soyameal to meet local shortages, which should provide some relief to the poultry industry, according to a statement.

Also Read: Imports of edible oil fell by 20% in June, owing to increased inventory in the country

Oilmeals are often used as animal feed in the poultry industry and other industries. In September 2020, oilmeal exports were 2.87 lakh tonne.

As per most recent data from the premier association of vegetable oil and trade of India, SEA, soyameal exports fell sharply to 5,831 tonnes in September this year 20201, down from 68,576 tonnes the previous year 2020.

‘India is currently overpriced for soybean meal exports and is unlikely to recover until we have a new crop in October-November,’ the industry body said. Castor seed meal exports fell to 34,881 tonnes from 45,483 tonnes the previous year.

Likewise, rapeseed meal exports fell to 62,725 tonnes in September this year from 1,40,830 tonnes the previous year, while rice-bran extraction exports increased to 80,188 tonnes from 32,068 tonnes.

Oilmeal exports fell to 12.75 lakh tonne in the first six months of 2021-22, down from 13 lakh tonne the previous year. South Korea, Vietnam, and Thailand are India’s top three oilmeal export destinations.

Also Read:
Livestock feed industry petitioned Central to allow GM crops to alleviate feed scarcity
India allowed imports of GM soy meal for large-scale purchases of animal feed