Soyameal exports during the oil year 2023-24 ending September were up 16 per cent at 21.28 lakh tonnes on higher demand from countries such as Iran and Bangladesh. During the previous year, the soyameal shiipments stood at 18.36 lakh tonnes.

The increase in shipments is despite the fact that Indian soyameal had been expensive in the world market by around $100-150 per tonne.

Iran was the largest buyer with volumes of around 4.15 lakh tonnes followed by Bangladesh at 3.02 lakh tonnes. Nepal was the third largest buyer with volumes of 1.92 lakh tonnes and Germany at 1.06 lakh tonnes and Afghanistan at 85,181 tonnes.

“In view of demand from Iran, Bangladesh and Nepal export of soybean meal during this oil year was higher than last year by 15.90 per cent, resulting in better crushing and production of soybean meal” said D N Pathak, Executive Director, The Soybean Processors Association of India (SOPA).

Soyabean meal production increased during the year to 94.69 lakh tonnes, up from previous year’s 91.79 lakh tonnes as per the latest estimates revealed by SOPA. Soyameal imports reduced during the year marginally to 0.25 lakh tonnes, down from same period last year’s 0.27 lakh tonnes.

Domestic consumption by the feed sector was a tad lower at 66 lakh tonnes during oil year 2023-24, down from previous year’s 67 lakh tonnes, while the off-take from food sector was flat at 8 lakh tonnes.

For the current oil year 2024-25, SOPA expects the production of soyabean to increase by around 6 per cent to over 125.8 lakh tonnes on higher yields, over previous year’s 118.74 lakh tonnes. This is mainly on account of higher yields on account of favourable weather conditions. The yields are estimated to be higher this year at 1063 kg per hectare as against 1002 kg per ha in the previous year, as per the survey carried out by SOPA recently in the key producing states of Maharashtra, Madhya Pradesh and Rajasthan.

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