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Oilmeal export from India dips by 52 percent in January

According to the Solvent Extractors' Association of India (SEA), latest data released recently, oilmeal export from India has slipped by 52 percent to mere 116,150 tonnes in January 2018 from 239,613 tonnes in January last year. However, the overall oilmeal export during April 2017 to January 2018 provisionally reported at 2,362,049 tonnes compared to 1,409,527 tonnes during the same period of last year, up by 68 percent. To remind, on 17th November 2017, Government raised the import duty on edible oils by 12.5 to 15 percent across the board and increased MEIS on Soybean meal to 7 percent from 5 percent. During April'17- Jan.'18 oilmeal imported by Vietnam from India reported at 445,489 tons compared to 271,144 tons; consisting of 31,169 tons of Soybean meal, 70,123 tons of Rapeseed meal and 344,197 tons of De-oiled Rice Bran Extraction. South Korea imported 670,204 tons compared to 463,019 tons; consisting 226,360 tons of Rapeseed meal, 415,510 tons of Castor meal and 28,334 tons of Soybean meal.