Indian Economy News

India exports record 4.8 million tonnes of oil meal animal feed in FY24: SEA

  • IBEF
  • April 19, 2024

India achieved a milestone in 2023-24 by exporting a record 4.8 million tonnes of oil meal, primarily used as animal feed, driven by a resurgence in soybean meal shipments, according to the Solvent Extractors Association of India (SEA). These exports also reached US$ 1.84 billion (Rs. 15,368 crore), marking the highest in quantity and value since the fiscal year 2013-14. This surpasses the previous record of 43.81 lakh tonnes and US$ 1.38 billion (Rs. 11,500 crore) in 2013-14.

Throughout the April-March period of the 2023-24 fiscal, overall oil meal exports reached 48.86 lakh tonnes, reflecting a notable 13% increase from the previous year. Soybean meal exports spearheaded this surge, climbing to 21.33 lakh tonnes, propelled by India's competitiveness in the international market. However, the industry anticipates a slowdown in soybean meal exports due to higher Indian prices than in Argentina. Conversely, rapeseed meal exports stagnated at 22.13 lakh tonnes amid intensified competition from soybean meal globally. Additionally, the export of de-oiled rice bran plummeted to 1.52 lakh tonnes in 2023-24 due to a shipment ban on July 28, 2023. With the ban extended until July of the current year, rice bran processors in eastern India face imminent closure.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.