A huge increase in exports of rapeseed and soyabean meal helped India record a 76.78% growth in total oilseed meal exports in the first 11 months of the 2022/23 marketing season, the Hindu Business Line reported.

India exported a total of 3.7M tonnes of oilseed meals in the April-February period of the current marketing year compared to 2.1M tonnes in the same period the previous year, according to data from the Solvent Extractors’ Association (SEA) of India.

BV Mehta, executive director of SEA of India, was quoted as saying that falling soyabean prices had led to increased crushing and improved price parity, which encouraged soyabean meal exports.

India exported 787,000 tonnes of soyabean meal compared to 348,000 tonnes in the same period the previous year, recording a 125.82% growth, the 17 March report said.

As of 10 March, prices for Argentine soyabean meal (ex-Rotterdam) were quoted at US$608/tonne while Indian soyabean meal (ex-Kandla) was quoted at US$560/tonne.

Southeast Asian countries were the major consumers of Indian soyabean meal, Mehta said, with some European countries and the USA opting for Indian soyabean meal due to its non-genetically modified (GM) nature. The depreciation of the rupee was also a factor in increased overall exports, he said.

India exported 2M tonnes of rapeseed meal compared to 772,00 tonnes the previous year, recording a growth of 165.58%, Mehta said.

One of the major buyers, South Korea, imported 880,000 tonnes of oil meals from India during the period compared to the April-February the previous year. This included 600,000 of rapeseed meal, 245,000 tonnes of castor seed meal, and 34,773 tonnes of soyabean meal.

Other major markets for Indian oilseed meals included Bangladesh, Thailand and Vietnam which imported 445,000 tonnes, 684,000 tonnes and 540,000 tonnes respectively.