July 9, 2012

India's June oilmeal exports up 22% on strong soymeal demand

Led by a strong demand in soymeal, India's oilmeal exports up 22% to 305,525 tonnes in June from 250,335 tonnes a year earlier, a leading trade body said on Friday (July 6).

Soymeal exports, which account for the bulk of sales, rose to 180,987 tonnes in June from 117,600 tonnes a year ago, the Solvent Extractors' Association of India (SEA) said in a statement.

In May 2012, soymeal exports were 142,588 tonnes. Iran was the top buyer of Indian soymeal followed by Thailand in June, according to SEA data.

Soymeal exports to sanctions-hit Iran rose 174% to 145,180 tonnes in June from 53,070 tonnes a month ago. Shipment of soymeal during April-June was 285,154 tonnes. Western sanctions aimed at curbing Iran's nuclear ambitions are targeting its banking system and making payments for exports difficult.

"India is getting the advantage as many countries are not supplying to Iran due to Western sanctions. Demand is huge from Iran and it's looking to India to meet its demand" B.V. Mehta, executive director of SEA, told Reuters.

Exports of rice bran -- or husk -- in June jumped more than 128% to 20,800 tonnes from a year ago on demand from Vietnam. Higher processing of rice and sufficient availability is boosting exports of rice bran from India, Mehta said.

During June the top three buyers were Iran, South Korea and Vietnam. But overall oilmeal exports during April-June fell 3% from a year ago to 1.06 million tonnes. Exports during April-June fell mainly due to disparity in crushing that resulted in lower availability of oilmeals for export, Mehta said in a statement.

Rapeseed meal export in June dropped 16% to 86,309 tonnes from a year ago while castor seed meal sales fell 18% to 17,429 tonnes during the same period.