India's annual oilmeal exports jumped nearly 85 percent in May, rising for the seventh straight month, on higher oilseed output and improved demand from traditional buyers in Asia, a trend that is likely to continue in the coming months.
Oilmeal exports rose by 84.5 percent to 320,266 tonnes in May from the same month a year ago, top trade body Solvent Extractors' Association of India said in a statement. "Overseas sale rose as more oilseeds were available for crushing to meet demand from traditional buyers," said B.V. Mehta, executive director of the Mumbai-based trade body.
Soyameal exports, which share the bulk of sales, almost trebled to 176,819 tonnes in May. Exports to buyers including Japan, South Korea and Indonesia rose in the last month. Oilmeal exports in April and May more than doubled to 821,763 tonnes as against the same period in 2009/10.
While year-on-year exports are rising, there is a declining trend in month-on-month overseas sales of the animal feedstocks because of lower crushing at the onset of a new planting season. Oilmeal exports in May were 36 percent lower than 501,497 tonnes in April. Oilmeal exports in the 2010/11 fiscal year that ended in March rose to 5.1 million tonnes from 3.2 million tonnes in 2009/10.
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