The Soybean Processors Association of India (SOPA) revised upward the exports of soybean meal from India in the 2023-24 oil year to 22.75 lakh ton, up 24 per cent from the preceding year.
The trade organisation, in its latest assessment, elevated the exports in the previous oil year to 22.75 lakh ton compared to 18.36 lakh ton a year ago, owing to heightened demand for Indian origin meal from international purchasers. The oil year spans from October to September.
Peak exports in the previous season were documented in January at 2.75 lakh tonne, with equivalent volumes in November and December.
“Total exports of Indian soybean meal were documented at 22.75 lakh tonne, which is 4.39 lakh tonne higher than the previous year. Favourable prices and robust demand facilitated substantial exports last season,” said D.N. Pathak, executive director, SOPA.
Iran and Bangladesh emerged as the predominant purchasers of Indian soybean meal in the 2023-24 oil year, procuring 4,12,583 lakh tonne and 3,05,273 lakh tonne respectively. Madhya Pradesh is a leading soybean cultivating state in the nation.
Whilst exports in the first month of the current oil year 2024-25 remained steady amidst subdued demand. In October, soybean meal exports maintained stability at 1.11 lakh tonne.
France and Nepal emerged as the principal buyers of Indian origin meal at 44,301 tonne and 20,137 tonne, according to statistics compiled by the trade organisation.
To enhance exports from India, SOPA petitioned the govt to distribute high-yield soybean seed varieties to farmers without cost to strengthen soybean production. The trade organisation estimated soybean production in India in Kharif 2024 at 126 lakh tonne, indicating a 6 per cent rise from the previous year.