India's oilmeal exports rose 7.13 percent in November, a leading trade body said on Thursday, due to a pick-up in demand from Iran, the Middle East and traditional buyers in Southeast Asia. In November, Indian oilmeal traders exported 527,888 tonnes as against 492,740 tonnes a year earlier. The country is Asia's top supplier of the animal feedstocks.
"Oilmeal exports to Iran and other Middle East countries are robust. Sufficient availability in the domestic market and better crushing parity is supporting oilmeal exports," said B.V. Mehta, executive director, the Solvent Extractors Association (SEA), told Reuters.
Exports to China, South Korea and Vietnam rose in November, it said in a statement. Total oilmeal exports during the first eight months of the current financial year since April were at 2.9 million tonnes, up from 2.4 million tonnes in the year-ago period. During this period, Japan, Vietnam and China were the top three buyers. Exports to Iran rose sharply to 175,962 tonnes from 33,705 tonnes in the year ago period as the two countries explore ways to settle their trade, dominated by Iranian oil. Soymeal exports, which account for bulk of India's oilmeal sales, were at 397,659 tonne in November, down 10.33 percent from a year ago.
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