Dec 11, 2017
The export of oilmeals during November 2017 was provisionally reported at 3,28,091 ton vis-a-vis 1,70,189 ton in November 2016 (i e a 93 per cent increase) due to the jump in export of soybean meal.
This was stated by the Solvent Extractors’ Association (SEA) of India, which compiled the data for export of oilmeals for the month of November 2017.
The overall export of oilmeals between April and November 2017 was provisionally reported at 18,13,037 ton vis-a-vis 8,68,358 ton during the same period of last year.
On November 17, 2017, the government raised the import duty on edible oils by 12.5 per cent to 15 per cent across the board and increased the merchandise exports from India scheme (MEIS) on soybean meal to seven per cent from five per cent.
This step will make Indian oilmeal more competitive in the world market and may result into larger exports of oilmeal during the current year.
Source: FNB News