Commodities, Featured

Oilmeal Export Commodity Trading Plunges 73 Percent In September 2018

Oilmeal export commodity trading fallen by 73 percent over the year in September 2018. However, the overall oilmeal exports from April 2018 to September 2018 are increased by 9 percent to 1,403,382 tons compared to 1,284,788 tons during the same period during the past year.

Oilmeal exports in September 2018 is recorded as 81,511 tons while that during September 2017 was 298,182 tons in September 2017, based on the recent data available on the SEA (Solvent Extractors’ Association of India).

The current trade war between USA and China has formed a lot of uncertainty in the commodities market. This has even forced China to search for other roots for their necessities of oilmeals and soybean. Moreover, this has even forced China to reconsider its ban imposed in 2012 on oilmeal imports from India.

It is expected that China will withdraw the ban very soon for import of rapeseed meal from India, according to Ministry of Commerce/Export Inspection Council of India.

Those units already approved by AQSIQ of Chinese Government will resume the export of Rapeseed Oilmeal export commodity trading to China after receiving notification from AQSIQ. However, the resumption of export of soybean meal from India to China may take time and will happen only after inspection/ approval of the units by the Chinese AQSIQ team which is about to visit India this month or next month.

Before the ban, China accustomed to importing about half a million tons of oilmeals including 3.5 to 4.0 lakh tons of Rapeseed meal and 1.0 lakh tons of soybean meal from our country.

The export of rapeseed meal mainly exported to Vietnam, South Korea and Thailand sharply increased to 601,105 tons from 300,627 tons in the first six months of this year, as reported on Business Standard.

The provisional data released by the SEA showed a decline in oilmeal exports to major countries like South Korea. Oilmeal export commodity trading to Bangladesh and Vietnam also recorded a significant decline, which is down by 92 percent and 79 percent, respectively, as reported on CommodityOnline.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
coinmag

Bindhu Mol. G loves writing news articles. She excels in SEO articles, technical articles and academic articles. She covers commodities and mutual fund news for OWLT Market.

Leave a Comment

Your email address will not be published. Required fields are marked *