The country's oil meal exports increased 19 per cent to 2,27,247 tonnes in July this year due to rise in shipments of rapeseed meals, according to Solvent Extractors' Association (SEA) of India. Oil meal exports during July 2021 stood at 1,91,663 tonnes, SEA data said.
The overall export of oil meals during April-July jumped 35 per cent to 12,48,512 tonnes compared to 9,27,555 tonnes in the same period of the previous year.
Exports of rapeseed meal during April-July showed a quantum jump of 77 per cent at 8,51,212 tonnes compared to 4,79,572 tonnes following a record crop and crushing which led to high processing, availability and exports, SEA said.
Currently, India ships rapeseed meal to South Korea, Vietnam, Thailand and other Far East Countries at USD 295 FOB (Freight On Board) India, while rapeseed Hamburg ex-mill is at USD 376.
FOB is used when liability and ownership of goods is transferred from a seller to a buyer.
SEA further stated that soybean meal export is at the lowest level as Indian shipment is still outpriced in the international market.
Current price of soybean meal FOB Kandla (Gujarat) is quoted at USD 675 per tonne, while soybean meal Argentina CIF Rotterdam is quoted at USD 548 per tonne and Brazil at USD 534 per tonne.