Surge in Export of Soybean Meal

Export of Oilmeals Up by 21% in Jan.'24

FinTech BizNews Service   

Mumbai, February 17, 2024: The Export of Oilmeals for the month of January 2024 is provisionally reported at 477,580 tons compared to 472,439 tons in January 2023 i.e. up by 1%.  The overall export of oilmeals during April 2023 to January 2024 reported at 3,974,351 tons compared to 3,288,559 tons i.e. up by 21%.

                                                       Export of Oilmeals – Apr.’23 – Jan.’24                                                        (Qty. in M.T.)

 
Surge in Export of Soybean Meal :
International demand for Indian Soya meal has benefited from improved price competitiveness and the shortage of Argentine export supplies in recent months plummeted by more than a third. Crushing are expected to stay below potential in the current quarter limiting Argentine soya meal export. The total export during Apr.’23 to Jan.’24, reported at 15.86 lakh tons compared to 5.57 lakh tons during the same period of last year. Currently as on 15th Feb.,2024, Indian soybean meal Ex-Kandla has quoted at US$ 510 per ton while soya meal Argentine cif Rotterdam at US$ 468 per ton. The major consumer of Indian soybean meal are South East Asia and Middle East countries, where India has a logistic advantage and also can supply in small lots.

Incase of Rapeseed Meal, export from India reduced during January 2024, mainly due to lean crushing season coupled with high local prices, made the Indian rapeseed meal expensive for the export.

  Average Prices and Rupee depreciation:                                                               (Price in US$/FAS Indian Port/Tons)

 
South Korea, Thailand, Vietnam and Bangladesh are the major importer of Indian Oilmeals
During Apr.’23 to Jan.’24, South Korea imported 766,424 tons of oilmeals (compared to 806,725 tons); consisting of 519,710 tons of rapeseed meal, 207,026 tons of castorseed meal and 39,688 tons of soybean meal. Vietnam imported 378,966 tons of oilmeals (compared to 752,143 tons); consisting of 90,540 tons of rice bran extraction, 236,761 tons of rapeseed meal, 50,760 tons of soybean meal and 905 tons of groundnut meal. Thailand imported 525,794 tons of oilmeals (compared to 626,754 tons); consisting of 511,668 tons of rapeseed meal, 8,759 tons of soybean meal, 4,666 tons of rice bran extraction and 701 tons of castorseed meal. Bangladesh sourcing rapeseed meal and soybean meal from India and imported 708,460 tons of oilmeals (compared to 364,024 tons), consisting of 27,771 tons of ricebran extractions, 319,962 tons of rapeseed meal and 360,727 tons of soybean meal. Iran is emerging large importer of Indian soybean meal and imported 256,461 tons.

                                                Major Importers of Oilmeals                                                              (Qty. in M.T.)

 
Port-wise Export of Oilmeals : Apr.’23 – Jan.’24
The export from Kandla is reported at 1,269,649 tons (32%), followed by Mundra handled 1,261,385 tons (32%), Mumbai including JNPT handled 336,320 tons (8%), Kolkata handled 110,223 tons (3%) and Others Ports handled 996,775 tons (25%).

                                                            Export from Major Ports                          (Qty. in M.T.)