Oilmeals exports drop 47 per cent during February 2018

Posted by Daily Shipping Times on 09-03-2018        Tweet

NEW DELHI: Export of oilmeals during February 2018 has dropped by 47% in comparison to February 2017 to 161,969 tonnes, according to figures compiled by the Solvent Extractors' Association of India.

The overall export of oilmeals during April 2017 to February 2018 provisionally is reported at 2,677,536 tonnes compared to 1,714,984 tonnes during the same period of last year - up by 56%.

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 has made Indian oilmeal more competitive in the World market and resulted in to larger export of oilmeals during current year.

During April’17– Feb.’18 oilmeal imported by Vietnam from India is reported at 564,091 tonnes compared to 323,297 tonnes; consisting of 42,456 tonnes of soybean meal, 84,788 tonnes of rapeseed meal and 436,847 tonnes of De-oiled Rice Bran Extraction.