India’s Oilmeal Exports Drop 12%

India’s oilmeal exports fell 12.39% to 39.33 lakh tonnes during April-February 2024-25, mainly due to declining demand for rapeseed meal and an oversupply of soybean meal globally. Rapeseed meal exports dropped 17.53%, while castorseed meal exports fell 21.44%. The de-oiled rice bran export ban since August 2023 further impacted domestic prices. Soybean meal exports remained flat overall, supported by imports from Germany and France, but saw a 23% dip from October-February. South Korea, Vietnam, Thailand, Bangladesh, and Kenya remained key buyers, while European countries increased soybean meal imports to 5.95 lakh tonnes. Prices continue to fall due to weak global demand and surplus supply.

India’s oilmeal exports witnessed a significant decline of 12.39% during April-February of FY2024-25, totaling 39.33 lakh tonnes compared to 44.90 lakh tonnes in the same period last year. This drop is mainly driven by sluggish demand for rapeseed meal and an oversupply of soybean meal in global markets.

Rapeseed meal exports fell by 17.53% to 16.82 lakh tonnes, with export prices dropping sharply from $270 per tonne last month to $190 per tonne. Castorseed meal exports also took a hit, falling 21.44% to 2.74 lakh tonnes. Additionally, the de-oiled rice bran export ban, implemented in August 2023, severely impacted domestic producers in Eastern India, causing local prices to crash from ₹13,500 per quintal to ₹8,500.

Soybean meal exports held steady at 19.40 lakh tonnes, marginally up from 19.34 lakh tonnes last year, supported by demand from Germany and France. However, exports dropped 23% during the October-February period due to oversupply and weak global demand, with prices dipping from $380 per tonne to $360 per tonne.

South Korea remained a top buyer, importing 6.14 lakh tonnes of oilmeals, including 3.94 lakh tonnes of rapeseed meal. Vietnam, Thailand, and Bangladesh also saw reduced imports from India. Notably, European countries emerged as major buyers of Indian soybean meal, importing 5.95 lakh tonnes during this period.

Finally

India’s oilmeal exports face challenges from weak global demand and oversupply. Despite stable soybean meal exports to Europe, price pressures and trade restrictions continue to impact the sector’s recovery.

Tags: rapeseed meal, export, India, soybean meal