India expected to resume 4-5 lakh tonnes of rapeseed meal exports to China

India is expected to resume 4-5 lakh tonnes of rapeseed meal exports to China after a gap of nearly six years, a senior industry official said.

"Following the meeting of commerce ministry officials, Indian ambassador to China and industry members, we expect the rapeseed meal exports to China is expected to resume soon.

The export of rapeseed to China was banned in 2012. We have enough stocks and industry can export 4-5 lakh tonnes of rapeseed meal to China," the Solvent Extractors' Association (SEA) executive director B V Mehta told reporters here. India's exports of rapeseed meal to China was suspended by the Chinese government in 2012 over quality issues.

The trade war between the US and China has opened the avenues for export and China is looking at India for rapeseed meal supply that will fulfill Chinese standards. Before 2012, India exported 4 lakh tonnes of oilmeals (1 lakh tonnes soymeal and 3 lakh tonnes rapeseed meal) to China worth about Rs 600-700 crore, Mehta said.

The Chinese government also recently announced that it will reduce tariffs on soybean imported from India, South Korea, Bangladesh, Laos, and Sri Lanka from the current three percent to zero amidst a looming trade war with the US. SEA noted that the import of vegetable oils during July 2018 is reported at 1,119,538 tonnes compared to 1,524,724 tonnes in July 2017.

This consists of 1,053,713 tonnes of edible oils and 65,825 tonnes of non-edible oils, which is down by 27 percent. The overall import of vegetable oils from November 2017 to July 2018 is reported at 10,766,076 tonnes compared to 11,392,296 tonnes, down by 5.5 percent.

Meanwhile, in view of boosting the trade, Globoil India - the international conference on vegetable oil, feed and feed ingredients, oilseeds and oleochemicals will be organized between September, 26-28 in Mumbai.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)