Amid growing need from the feed sector, India registered document oilmeal imports in 4 decades at 11,42,902 tonnes (1.1 mt) for the year 2019-20.
In accordance to Directorate General of Overseas Trade (DGFT) facts, India’s oilmeal/oilcake imports rose to 11,42,902 tonnes truly worth ₹3,218 crore for 2019-20 as versus 6,70,709 tonnes truly worth ₹2,558 crore in 2018-19. The worth of imports rose by 26 for every cent.
India imports oilcake/meal for domestic processing as properly as for direct use in cattle/poultry feeds.
“Import of oilcake/meal/feed is growing year by year for processing by solvent extraction sector to get better the oil or for direct usage by the feed sector. The need of oilmeal is growing as the feed sector is developing at eight-ten for every cent, though oilseed production in the nation is far more or significantly less stagnant, foremost to higher imports,” stated BV Mehta, Government Director, Solvent Extractors’ Affiliation of India (SEA).
The imported oilmeals appeal to import duty at 15 for every cent in addition to four for every cent distinctive more duty, totalling 19.6 for every cent duty.
Notably, a big quantity of oilcake/foods is viewed getting imported at zero duty from some African nations underneath the India-Africa trade arrangement of Minimum Advancement Nations or at minimized duty from SAARC nations. Facts compiled by the SEA showed that through 2019-20, the principal oilmeal import product was sunflower seed oilcake/meal at 554,206 tonnes truly worth ₹1,003 crore. India is a important customer from Ukraine and Tanzania.
Coconut oilcake/meal, which is the next greatest import product at 282,697 tonnes valued at ₹504 crore, is mostly imported from Indonesia, the Philippines and Singapore.
Rape/Mustard oilcake/meal ranks 3rd with forty six,382 tonnes of imports truly worth ₹108 crore. India largely buys it from Nepal, Canada and Ukraine.
India also imported significant quantity of compound feeds together with concentrated for compound animal feed and prawn and shrimps feed at 1,00,935 tonnes truly worth ₹1,341 crore mostly from Vietnam, Thailand, China and Sri Lanka.