New Delhi [India], July 19 (ANI): India’s overall oilmeal exports rose 19 per cent on a yearly basis during the first quarter of the financial year 2023-24 to 1.21 million tonne, data put out by The Solvent Extractors’ Association of India (SEA) showed. In June, exports were, however, 35 per cent lower.
In the same quarter of 2022, the total oilmeal exports were 1.01 million tonne.
During the April-June quarter, the exports of soybean meal were reported at 364,611 tonnes, rapeseed meal 620,738 tonnes, ricebran extractions 125,582 tonnes, and castorseed meal 90,750 tonnes.
South Korea, Vietnam, Thailand, Bangladesh, and Taiwan are some of the key oilmeal buyers from India.
Oilmeals are basically the residue left over after the extraction of oil from oilseeds, and they are widely used as livestock feed worldwide.
India is the world’s second-largest consumer and number one vegetable oil importer, and it meets 60 per cent of its need through imports. A large part of it is palm oil and its derivatives, which are imported from Indonesia and Malaysia.
Although oilseed production in India has grown over the years, the production has lagged behind its consumption, resulting in continuous dependence on imports. (ANI)
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