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India's oilmeal exports surged by 1% in January 2024, fueled by a remarkable increase in soyabean meal exports, which reached 15.86 lt during April-January 2023-24, marking a substantial rise from the previous year. Despite challenges such as a lean crushing season and high local prices impacting rapeseed meal exports, India remains a competitive player in the global oilmeal market, leveraging its price competitiveness and logistical advantages in key destinations like South-East Asia and the West Asian countries.

Highlights

Oilmeal Exports: India's oilmeal exports increased by 1% in January 2024, driven by a surge in soyabean meal exports.

Soyabean Meal: Soyabean meal exports from India witnessed a significant increase, reaching 15.86 lt during April-January 2023-24, compared to 5.57 lt in the previous year.

Reasons for Growth: India's price competitiveness and a shortage of Argentine export supplies contributed to the international demand for Indian soyabean.

Rapeseed Meal: Export of rapeseed meal from India decreased by 70% in January 2024, attributed to a lean crushing season and high local prices.

Top Importers: South-East Asia and West Asian countries are major consumers of Indian soyabean meal, with Iran, South Korea, Vietnam, Thailand, and Bangladesh being significant importers of oilmeals from India.

Challenges: Despite the growth in soyabean meal exports, challenges such as lean crushing seasons and high local prices for rapeseed meal impact India's export competitiveness.

Conclusion

India's resilience in the oilmeal market, showcased by the recent growth in exports despite challenges, underscores its strategic position as a major supplier, particularly in soyabean meal. The country's ability to adapt to market dynamics, capitalize on price competitiveness, and exploit logistical advantages bodes well for its continued prominence in catering to the diverse demands of international consumers. However, addressing challenges such as seasonal fluctuations and price volatility will be crucial for sustaining and further enhancing India's export performance in the oilmeal sector

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