Oil meals exports surge

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Export of oil meals from April 2020 to February 2021 has recovered sharply and stood at 3,358,649 tonnes provisionally, against 2,256,614 tonnes during the same period of the previous year, up by 49 per cent, according to data compiled by the Solvent Extractors Association of India (SEA). Exports skyrocketed by 205 per cent year-on-year in February to 393,309 tonnes, compared to 128,761 tonnes. This has been attributed to better realizations, thanks to reduced supply from Argentina and Brazil, coupled with good demand for non-GMO soybean meal from the US and Europe. The revival of shipments to Iran also resulted in an overall surge in the export of soybean meal in the last four months, SEA said. According to the data, rapeseed meal export crossed a million tonnes, owing to higher purchase by South Korea, said a report.