April oilmeal exports up 10% YoY, overall Q1FY23 exports seen lower

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New Delhi, May 18 | India’s oilmeal exports for the month of April 2022 were provisionally reported at 333,972 tonne as compared to 303,705 tonne in the same month of 2021 i.e, a rise of 10 per cent year-on-year, data compiled by Solvent Extractors’ Association of India showed on Wednesday.

Residues after the extraction of oil from oilseeds are called oilmeals and are widely used as livestock feed.

The rise in overall oilmeal in April was due to huge export of rapeseed meal, which shipped out around 229,207 tonne as compared to 93,984 tonne in the previous month, the association said.

Country-wise, during April, South Korea imported 142,208 tonne of oilmeals, Vietnam imported 62,979 tonne of oilmeals, Thailand imported 41,992 tonne of oilmeals, Bangladesh sourced rapeseed meal and rice bran extraction from India and imported 33,422 tonne of oilmeals, and Taiwan imported 13,191 tonne of oilmeals.

2021-22 was downturn for the export of oil meals and it came down to 23.8 lakh tonne from 36.8 lakh tonne in previous year; value-wise earning was down nearly 37 per cent Rs 5,600 crore from Rs 8,900 crore in 2020-21.

In the current year 2022-23, the performance during the first quarter (April-June) is likely to be lower as in case of soybean meal, India is totally out priced in the international market due to the high price of soybean in the domestic market, it said.

“Current price of soybean meal afree on board’ at Kandla (port) quoted at $730, while soybean meal Argentina CIF Rotterdam quoted at $510 and Brazil at $505.”

Export of rapeseed meal, however, is likely to increase due to higher crushing and solvent extraction of rapeseed cake as a derivative.

India is likely to be the competitive supplier to South Korea, Vietnam, Thailand and other fareastern countries, the association further said.

Source: IANS

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Weekly Fundamental Market Outlook

Weekly Fundamental Market Outlook

Indian share market posted its first weekly gain in Jun by rising 2.7%.

This week, the Indian Stock Market rebounded strongly and ended with first weekly gain of 2.7% in June as a drop in commodity prices offered some relief from broadening inflationary pressures. Copper prices, which are often seen as a bellwether for economic output due to their wide range of industrial and construction uses, are heading for their worst week in a year, while oil prices have dropped over concerns of slumping demand.

While the US recessionary fears are still at the forefront, but the slide in commodity prices has lifted the mood of stock market.Cheaper oil is usually beneficial for oil-importing countries such as India.

Domestically, on sectorial basis, Auto and FMCG are the top gainers, while Metal index is the top losers. On stock basis, Hero MotoCorp, Eicher Motors, Hindustan Unilever, Maruti Suzuki and M&M were the top gainers and Tata steel, UPL, Reliance Industries, hindalco Inds and Coal India were the top losers.

In the next week, investors will keep a close eye on crude oil price movement, commodity prices, US economic activity and the geopolitical development.

 

Post Disclaimer by BhaskarLive.in

The information contained in this post is source form the news agency or PR agency. We do not take any responsibility of accuracy of information. We have not made any modification or changes in original source content. This information only for general information purposes only. The information is provided by BhaskarLive.in and while we Endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.

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