India exported record oilmeals in 2023-24

Despite a decline in exports of many agricultural commodities, the export of soybean meal has revived while that of rapeseed meal has seen a remarkable growth in the last three years.

Oilmeals are the residue left over after the extraction of oil from oilseeds and it is widely utilized as livestock feed globally.

India exported a record 48.8 lakh tonnes of oil meals in the just-concluded financial year 2023- 24, with rapeseed meal being the outstanding performer, said the edible oil industry body Solvent Extractors' Association of India (SEA).

Indian soybean meal emerged as a highly competitive commodity in the international market, leading to a surge in export volume to 21.33 lakh tons, up from 10.22 lakh tons in the previous year.

According to the edible oil industry body, major importers include Bangladesh, South Korea, Thailand, and Iran.

It asserted that had deoiled rice bran not been banned since August 2023, the industry would have exported an additional 3-4 lakh tons during the financial year. The government's move was intended apparently to address inflation in milk prices. De-oiled rice bran, extracted from rice bran, is widely used as a nutrition product for feeding cattle, and other animals.

Industry body SEA said it has commissioned RMSI Cropalytics to conduct independent surveys and estimate rapeseed-mustard crops for the year 2023-24.

The latest report estimates a crop of over 120.9 lakh tonnes across an acreage of over 100 lakh hectares, with Rajasthan leading in production followed by Uttar Pradesh, Madhya Pradesh, and Haryana. RMSI will conduct 3rd round of surveys in April and the final round of surveys in May to revalidate the estimate done earlier, SEA said.

India, as the world's second-largest consumer and leading vegetable oil importer, meets 60 per cent of its needs through imports, primarily from Indonesia and Malaysia.

A large part of it is palm oil and its derivatives, which are imported from Indonesia and Malaysia. India majorly consumes mustard, palm, soybean, and sunflower-derived edible oils.

While oilseed production in India has witnessed growth over the years, it has not kept pace with consumption, leading to a continued reliance on imports.