The Solvent Extractors' Association of India (SEA) in its latest provisional data has showed that oilmeal exports of India decreased sharply by 74% to 76,017 tonnes for February 2020, against 2,94,510 tonnes in the same month last year. This was the lowest level so far this fiscal. Overall, oilmeal exports for the 11 months (April-February) of this fiscal stood at 2,200,690 tonnes, 25% down from 2,941,971 tonnes in the same period last year.
As per the report, the fall in shipment is mainly due to better price realisation for oilmeals in the domestic market compared to export realisation, coupled with increased domestic consumption. It also noted that there is a silver lining for India’s oilmeal exports - a sharp increase in the export of castor seed meal, which is used as an organic fertiliser. Castor seed meal exports jumped nearly 41% to 505,194 tonnes (359,351 tonnes).
Oilmeal exports to the US and South Korea reported growth, exports to traditional markets such as Iran, Vietnam and Thailand fell sharply. India exported about 165,838 tonnes (up 72%) and 809,733 tonnes (up 15.78%), respectively, to the US and South Korea. During the period under review, Iran imported 95,145 tonnes of oilmeals from India (down 72%), Vietnam imported 276,655 tonnes (down 53%) and Thailand, 218,320 tonnes (down 27%).
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