HYDERABAD: India’s export of oil meals more than doubled in December 2016 mainly driven by high demand of non-genetically modified (GMO) soybean meal from France, said Solvent Extractors’ Association of India.
The country exported 1,94,309 tons in December 2016, an increase of 130% from 84,218 tons reported same period last year. France imported 1,06,708 tons of oilmeals as compared to 1,956 tons last year, consisting of 1,03,650 tons of soybean meal and 3,058 tons of castor meal.
Japan too recorded a significant jump in imports at 54,833 tons as compared to 6,500 tons last year, consisting of 50,632 tons of soybean meal, 3,773 tons of rapeseed meal and 428 tons of castor meal. On a month on month basis, the export of soyabean meal jumped to 1,60,949 tons from 51,805 in November 2016.
However, the overall export of oilmeals during April to December 2016 was down 13% at 8,56,798 tons compared to 9,87,842 tons during the same period of last year. Among the major importers of oilmeals from India, South Korea’s import during April-December period declined to 4,52,099 tons from 6,16,691 tons in the corresponding period last year. Similarly, other importing countries like Vietnam saw their imports dwindling to 1,20,294 tons from 2,14,028 tons last year.
Meanwhile, a seven-member delegation of the association is visiting Argentina from January 8-16 to study the Argentine soybean complex and to understand processing, production, exports and supply system of soybean. Argentina annually exports close to 3 million tonnes of Soybean Oil to India which is approximately 80% of the soybean oil imported by India.
Source: economictimes.indiatimes.com