Oilmeal imports cross 1.1 mt as demand from feed industry rises

Amid growing desire from the feed industry, India registered report oilmeal imports in 4 decades at eleven,42,902 tonnes (1.1 mt) for the 12 months 2019-20.

According to Directorate Common of International Trade (DGFT) details, India’s oilmeal/oilcake imports rose to eleven,42,902 tonnes well worth ₹3,218 crore for 2019-20 as in opposition to 6,70,709 tonnes well worth ₹2,558 crore in 2018-19. The value of imports rose by 26 per cent.

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

“Import of oilcake/meal/feed is growing 12 months by 12 months for processing by solvent extraction industry to get better the oil or for direct use by the feed industry. The desire of oilmeal is growing as the feed industry is developing at 8-10 per cent, whilst oilseed creation in the country is additional or much less stagnant, top to greater imports,” claimed BV Mehta, Government Director, Solvent Extractors’ Affiliation of India (SEA).

The imported oilmeals attract import duty at 15 per cent in addition to 4 per cent special extra duty, totalling 19.6 per cent duty.

Notably, a huge quantity of oilcake/meals is noticed getting imported at zero duty from some African countries below the India-Africa trade settlement of Least Enhancement International locations or at diminished duty from SAARC countries. Data compiled by the SEA showed that in the course of 2019-20, the major oilmeal import merchandise was sunflower seed oilcake/meal at 554,206 tonnes well worth ₹1,003 crore. India is a significant customer from Ukraine and Tanzania.

Coconut oilcake/meal, which is the second most important import merchandise at 282,697 tonnes valued at ₹504 crore, is largely imported from Indonesia, the Philippines and Singapore.

Rape/Mustard oilcake/meal ranks 3rd with forty six,382 tonnes of imports well worth ₹108 crore. India largely purchases it from Nepal, Canada and Ukraine.

India also imported significant quantity of compound feeds which include concentrated for compound animal feed and prawn and shrimps feed at 1,00,935 tonnes well worth ₹1,341 crore largely from Vietnam, Thailand, China and Sri Lanka.

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