Soyameal exports up 14% at 13.47 lakh tonnes during Oct-March period of 2023-24 oil year

India’s soyameal exports were up 14 per cent during the first six months (October-March) of the oil year 2023-24 at 13.47 lakh tonnes over same period last year’s 11.79 lakh tonnes (lt) on strong demand from Asian countries.

• Also read: Oilmeals exports up 9% in February on soyameal boost

According to the supply and demand estimates by the Soyabean Processors Association of India (SOPA), exports of soyameal for the oil year are expected to be around 18 lakh tonnes.

“We have reassessed the export, import and crushing data, based on fresh information received and have reverted to our original estimate of crushing and soymeal export for the oil year at 120 lakh tonnes and 18 lakh tonnes. The four biggest destinations for Indian soyameal in the last six months have been Iran, UAE, Bangladesh and Nepal,” said DN Pathak, Executive Director, SOPA, said in a statement.

Higher output

Production of soyameal during the first six months stood at 53.16 lt – higher than the 52.25 lt registered in the same period last year. Offtake from the domestic feed sector was a tad lower at 35 lt (35.75 lt). Similarly, the offtake from food sector was down at 4.35 lt over same period last year’s 5.25 lt. Soyameal stocks, as on April 1, stood at 1.80 lt (2 lt).

• Also read: Soyabean crushing slows down on muted domestic, export demand

Market arrivals of the oilseed stood at 77 tonnes till March end, same as last year. The crop size estimated by SOPA for the 2023-24 season was 118.74 lt ( 124.11 lt).

Soyabean crushing in the first six months was 67.50 lt, marginally higher than same period last year’s 65.50 lt. Soyabean stocks with the trade, farmers and crushing units as on April 1, 2024 is estimated to be 64.83 lt (70.23 lt).

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