India’s soyameal exports jumped 87 per cent to 7.99 lakh tonnes (lt) during the October-February period of oil year 2022-23 on robust demand from countries such as Vietnam, Bangladesh and Nepal. Exports stood at 4.26 lt in the same period last year.

“Prices are favourable and we should be able to achieve the projected soyameal exports of 14-15 lakh tonnes” said DN Pathak, Executive Director, The Soyabean Processors Association of India (SOPA). Supply crunch from countries such as Argentina on weather concerns has come in handy for India to boost its shipments.

Vietnam has been the largest buyer of Indian soyameal, so far, accounting for 3.36 lt, followed by Nepal at 64,759 tonnes and the US at 42,796 tonnes. Other major buyers include Japan at 42,776 tonnes, Sri Lanka 39,554 tonnes, Bangladesh 37,093 tonnes, Thailand 32,432 tonnes and Germany 16,225 tonnes among others.

Japan has been a major buyer of Indian soyameal and value-added products mainly in the food segment, Pathak said.

Poultry demand

Crushing of soyabeans has also gained momentum with the pick up in buying from the domestic poultry sector. Offtake from the poultry sector was higher by around 12 per cent at 28.50 lt during October-February over same period last year’s 25.50 lt. The domestic food demand for soyameal was up 37 per cent at 4.75 lt.

Soyabean crushing during October-February stood at 52.50 lt — an increase of around 48 per cent over same period last year’s 35.50 lt. The market arrivals have improved to 71 lt (55 lt).

SOPA estimates that the stocks with trade, crushing units and farmers at the end of February stood at 77.98 lt — higher than the same period last year’s 71.77 lt. The prices of soyabean have started easing over the past one month tracking the developments in the global edible oil complex. “Prices have come down substantially by about ₹8,000 per tonne over the past one month,” Pathak said adding that the government should increase the duty on imported oils to protect the domestic growers.

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