Commodities Buzz: SEA of India Estimates 56% Decline In March Oilmeal Exports

As per the latest data compiled by Solvent Extractors Association of India, the export of oilmeals during March 2018 is provisionally reported at 75,393 tons compared to 170,496 tons in March 2017 i.e. down by 56% . However, overall export of oilmeals during the year (2017-18) has revived and provisionally reported at 2,839,623 tons compared to 1,885,480 tons during the same period of last year (2016-17), thanks to higher export of Rapeseed Meal (Up by 26%), Ricebran Extractions (Up by 27%) and Castorseed Meal (Up by 51%). In term of value the total earning has increased to Rs. 4,489 crores compared to Rs. 3219 crores, up by 39%.

On 17th November 2017, Government raised the import duty on edible oils by 12.5% to 15% across the board and increased MEIS on soybean meal to 7% from 5%. This steps also supported the export of oilmeal resulted in to larger export of oilmeals during current year.