June 16, 2024


Passion For Business

Oilmeal imports cross 1.1 mt as demand from feed industry rises

Amid increasing demand from customers from the feed sector, India registered document oilmeal imports in 4 years at eleven,forty two,902 tonnes (1.1 mt) for the calendar year 2019-20.

In accordance to Directorate Basic of International Trade (DGFT) knowledge, India’s oilmeal/oilcake imports rose to eleven,forty two,902 tonnes value ₹3,218 crore for 2019-20 as against six,70,709 tonnes value ₹2,558 crore in 2018-19. The benefit of imports rose by 26 for every cent.

India imports oilcake/meal for domestic processing as effectively as for direct usage in cattle/poultry feeds.

“Import of oilcake/meal/feed is increasing calendar year by calendar year for processing by solvent extraction sector to recuperate the oil or for direct use by the feed sector. The demand from customers of oilmeal is increasing as the feed sector is growing at 8-ten for every cent, while oilseed generation in the region is a lot more or significantly less stagnant, foremost to larger imports,” claimed BV Mehta, Executive Director, Solvent Extractors’ Affiliation of India (SEA).

The imported oilmeals attract import responsibility at fifteen for every cent in addition to 4 for every cent exclusive additional responsibility, totalling 19.six for every cent responsibility.

Notably, a huge amount of oilcake/meals is found having imported at zero responsibility from some African international locations less than the India-Africa trade arrangement of The very least Growth Countries or at lowered responsibility from SAARC international locations. Details compiled by the SEA showed that through 2019-20, the key oilmeal import merchandise was sunflower seed oilcake/meal at 554,206 tonnes value ₹1,003 crore. India is a key purchaser from Ukraine and Tanzania.

Coconut oilcake/meal, which is the 2nd biggest import merchandise at 282,697 tonnes valued at ₹504 crore, is mostly imported from Indonesia, the Philippines and Singapore.

Rape/Mustard oilcake/meal ranks third with forty six,382 tonnes of imports value ₹108 crore. India largely purchases it from Nepal, Canada and Ukraine.

India also imported substantial amount of compound feeds like concentrated for compound animal feed and prawn and shrimps feed at 1,00,935 tonnes value ₹1,341 crore mostly from Vietnam, Thailand, China and Sri Lanka.