Economy

Soyameal exports double during last fiscal

Export of oilmeals increased 51 per cent during 2020-21 with the value of export nearly doubling during the period, according to data compiled by the Solvent Extractors’ Association (SEA).

The overall export of oilmeals was provisionally pegged at 36.80 lakh tonnes during April-March 2020-21 compared with 24.33 lakh tonnes during the same period the previous year, registering a growth of 51.21 per cent.

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The overall earnings increased from ₹4,437 crore in 2019-20 to ₹8,838 crore in 2020-21, a growth of 99.18 per cent.

BV Mehta, Executive Director of SEA of India, said in a statement that the export of oilmeals performed much better during 2020-21 despite continuous shortage of containers and less availability of rakes for neighbouring countries.

Stating that higher realisation in the international market helped India to record nearly 100 per cent growth in the value of exports, Mehta said this also helped the farmer realise better price for his produce (oilseeds) in the domestic market.

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Export revival

Soyabean crushing increased sharply, driven by improved crush margin. “The export of soyabean meal jumped mainly due to better realisation, thanks to less supply from Argentina and Brazil, coupled with good demand for non-GMO soyabean meal from the US and Europe,” he said, adding the revival of export to Iran led to an overall surge in export of soyameal since October.

The export of soyameal stood at 15.63 lakh tonnes valued at ₹5,825.40 crore during 2020-21 as against 6.92 lakh tonnes valued at ₹2,185 crore during 2019-20.

The export of rapeseed meal crossed a million-tonne due to the higher purchase by South Korea, followed by Thailand and Bangladesh.

The export of rapeseed meal stood at 11.13 lakh tonnes valued at ₹2,019.20 crore during 2020-21 as against 9.61 lakh tonnes valued at ₹1,540 crore in 2019-20.

Rice bran extractions

The export of rice bran extractions more than doubled following the heavy demand from Vietnam and new demand from Bangladesh due to failure of its rice crop, he said.

The export of rice bran extractions stood at 5.75 lakh tonnes, valued at ₹756 crore, during 2020-21 as against 2.36 lakh tonnes valued at ₹330 crore during 2019-20.

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