January 9, 2012

India's Q3 FY12 oilmeal exports up 4%

India's third quarter of the Fiscal 2012 oilmeal export rose 4% on the back of better kharif soy crop fall in rupee and rapidly growing demand from abroad, according to Solvent Extractors Association (SEA).

The rise in oilmeals indicates recovery in the global economic activity. In December 2011 the exports of oilmeals rose 24% to 953,526 tonnes compared to 765,954 tonnes same period last year. According to data Exports in the first nine months of fiscal 2012 touched 3,868,831 tonnes of oilmeals from 3,147,512 tonnes during the same period of last year. Meanwhile the average soy meal price rose to US$408 a tonne from US$334 a tonne last year and rapeseed meal and groundnut meal prices jumped to an average US$229 and US$329 a tonne in December from US$181 and US$297 a tonne in January respectively. India exports oilmeals to Vietnam, South Korea, China, Europe and some others.