In the fiscal year 2023-24, India reached a significant milestone by exporting a record 4.8 million tonnes of oil meal, primarily utilized as animal feed. This achievement, reported by the Solvent Extractors Association of India (SEA), was propelled by a resurgence in soybean meal shipments. These exports amounted to US$ 1.84 billion (Rs. 15,368 crore), marking the highest quantity and value since fiscal year 2013-14, surpassing the previous record of 43.81 lakh tonnes and US$ 1.38 billion (Rs. 11,500 crore) in 2013-14.
During the April-March period of the 2023-24 fiscal year, overall oil meal exports reached 4.886 million tonnes, indicating a notable 13% increase from the previous year. The surge in exports was primarily led by soybean meal, which climbed to 2.133 million tonnes, driven by India’s competitiveness in the global market. However, there are concerns within the industry regarding a potential slowdown in soybean meal exports due to higher Indian prices compared to those in Argentina.
Conversely, rapeseed meal exports stagnated at 2.213 million tonnes due to intensified competition from soybean meal worldwide. Additionally, the export of de-oiled rice bran witnessed a significant decline to 0.152 million tonnes in 2023-24 following a shipment ban imposed on July 28, 2023. With the ban extended until July of the current year, rice bran processors in eastern India are facing the imminent risk of closure.
