India's rapeseed meal exports are likely to jump 50 percent in 2018/19 from a year ago to 1 million tonnes as neighbouring China is set to resume imports from New Delhi after nearly seven years, a leading industry official said on Tuesday.
China was biggest buyer of India rapeseed meal until it banned purchases in late 2011 over quality concerns.
"Both the countries have sorted out issues related to phytosanitary norms and exports will resume shortly," said B.V. Mehta, executive director of the Solvent Extractors' Association of India (SEA).
India could export 400,000 tonnes of rapeseed meal to China in the 2018/19 fiscal year ending in March 2019, he said.
The south Asian country had exported 663,988 tonnes of rapeseed meal in 2017/18, mainly to South Korea, Thailand and Vietnam, according to SEA.
China, the world's biggest importer of soyabeans, imposed a 25 percent import tax on US soyabeans from July 6. Beijing has now been looking for alternatives to fulfil its growing demand of animal feed.
Indian rapeseed prices are around $210 per tonne free-on-board (FOB) basis, nearly $40 per tonne cheaper than cargoes from other suppliers, Mehta said.
In the first four months of the 2018/19 fiscal year that started in April, India exported 369,646 tonnes of rapeseed meal, up 123 percent from a year ago, SEA data showed.
Indian farmers have expanded area under soyabeans by nearly 10 percent from a year ago and production is likely to be higher than last year, said Atul Chaturvedi president of SEA.
"There was moisture stress last month, but now the crop is looking promising after this week's rainfall," Chaturvedi said.
Globoil, the annual meeting of edible oil industry officials, will start from September 26, Chaturvedi said.
India, the world's biggest edible oil importer, buys palm oil from Indonesia and Malaysia and soyaoil mainly from Argentina and Brazil. It purchases sunflower oil from Ukraine.
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