Import of oilmeals, used as animal feed, rose 70% in 2019-20 because of higher demand, stagnant local production and lower duty of shipments from some African countries, trade body Solvent Extractors Association (SEA) said.
“India imports oilcake/meal for domestic processing and or direct usage in cattle/poultry feeds. During the financial year 2019-20 (Apr.’19 to Mar.’20 ) India imported 1,142,902 tons of various oilcake/meal/feed valued at Rs. 3218.09 crores against 670,709 tons valued at 2558.20 crores during previous year 2018-19, sharply increased by 70% in terms of quantity and 26% in terms of value,” a release from SEA said.
Demand of oilmeal is rising year as the feed industry is growing at 8% to 10% per annum, while oilseed production in the country is more or less stagnant.
“The current duty on import of oil bearing material is 19.6%. However, large quantities of oilcake/meals are being imported from certain African countries under India- African agreement of Least Development Countries at nil duty or at lower duty from SAARC countries,” the SEA release said
According to SEA, import of oilcake/meal/feed in 2016-17 was 838,811 tons valued at Rs. 2341.85 crores which increased to 1,142,902 tons valued at Rs. 3218.09 crores in 2019-20.