February 8, 2013

Largely due to good demand on the back of a drop in prices, India's oilmeal exports in January increased 40% to 767,646 tonnes compared to 549,716 tonnes in the same period last year.

However, in the first 10 months of this fiscal, oilmeal exports dipped 18% to 3,678,861 tonnes (4,485,197 tonnes) as the global economic slowdown depressed demand, said the Solvent Extractors' Association.

Soymeal shipments were priced at US$517 a tonne against US$531 in December, while rapeseed meal was down at US$293 from US$324 in the previous month. The appreciation of the rupee against the dollar to INR54.24 in January from INR54.65 in December, also aided the fall in prices.

The major demand for oilmeal in January emerged from South Korea, Thailand and Vietnam. There was also marked improvement in demand from West Asia led by Iran and Turkey. Overall exports to West Asia more than doubled in January to 122,609 tonnes (49,998 tonnes).

Between April and January, shipments to South Korea increased 26% to 765,635 tonnes (609,883 tonnes). It consisted of 142,068 tonnes of soymeal, 303,533 tonnes of castor meal and 320,034 tonnes of rapeseed meal.

Demand from Vietnam, another major market, was lower by 31% at 538,863 tonnes (786,595 tonnes) consisting of 309,660 tonnes of soymeal, 27,889 tonnes of rapeseed meal, 1,412 tonnes of groundnut meal, 502 tonnes of castor meal and 199,400 tonnes of rice bran extraction.

Japan imported 463,222 tonnes (1,067,207 tonnes), while Thailand and Indonesia shipped in 395,228 tonnes (382,890 tonnes) and 165,590 tonnes (238,566 tonnes).

Iran marked up its imports to 554,758 tonnes (190,962 tonnes) and Europe and others have imported 366,795 tonnes (259,568 tonnes).