India doubles rapeseed meal exports in FY22/23

More than 1.24 million tons of rapeseed meal were sold from India to foreign markets in the first six months of the financial year 2022/23 (April-September 2022). Compared to the same period of the last FY, the export indicators of these products more than doubled – from 605.4 thousand tons. Such data are provided by analysts of the National Association of Vegetable Oil Producers (Solvent Extractors’ Association of India, SEA).

According to experts, India is the most attractive supplier of rapeseed meal to South Korea, Vietnam, Thailand and other Far Eastern countries, since the cost of production on the FOB India basis is $295 per ton against $367 per ton of rapeseed meal shipped from a plant in Hamburg (Germany).

SEA also added that it was possible to achieve a twofold increase in exports of the Indian product in the reporting period due to a record harvest of rapeseed and, accordingly, an increase in the volume of its processing at local oil refineries, which made it possible to increase the amount of Indian meal intended for export.

At the same time, according to official information from SEA experts, almost 122 thousand tons of soybean meal were also shipped during the reporting period, which is a quarter lower than the level of April-September 2021 (161.6 thousand tons). Analysts of the Association claim that the export of the product from India will accelerate from November this year, as the market is now recording a decrease in the cost of Indian soybean meal to $500 per ton (from the highest level of $888 per ton in March 2022).

Tags: India