The Soybean Processors Association of India (Sopa) has said that the export of soybean meal and its other value-added products during August 2016 is just 10,615 tonnes compared to 31,157 tonnes in August last year, registering a fall of 66%. Another industry body — Solvent Extractors Association of India (SEAI) — feels that there is scope for the export of at least 1.5 million tonnes of soybean meal this season.
On the financial year basis, exports during the period from April 2016 to August 2016 is 63,522 tonnes as compared to 1.68 lakh tonnes in the same period of previous year, showing a decrease of 62%. During current oil year, (October -September), total exports between October 2015 and August 2016 is 2.49 lakh tonnes as against 7.17 lakh tonnes last year, down 65%. The data has been collected and compiled by SOPA based on the information received from members, port authorities and other agencies.
The country’s soymeal exports in 2015-16 fiscal year ended March 31 had dropped 74% from a year ago to 387,297 tonnes. Sri Lanka, Indonesia, Japan and Taiwan were key buyers of Indian soymeal in the year. Soybean prices in India jumped due to lower production, making local soymeal expensive compared to supplies from South America, dealers had said.
Disparity in prices and continuous high prices in the domestic market had thrown Indian oilmeal almost out of the international market. Earlier data compiled by the Solvent Extractors’ Association of India (SEA) had revealed that export of soybean meal has touched a historical low at 61,556 tonnes in the first nine months of 2015-16 down 86% from 4.44 lakh tonnes in the same period last year. The soyabean meal exports had touched a peak of 20.10 lakh tonnes in 2013-14. The sharp decline in the export was attributed to non-competitive price of India-made oilmeals. The export of soybean meal during the month of December, 2015 stood at 5,667 tonnes as compared to 1.94 lakh tonnes in December, 2014 showing a steep fall of 97% year-on-year. Pravin Lunkad, chairman, SEAI said that the country could export at least 1.5 million tonnes of soybean meal this season. The total production is estimated to touch some 6.5 million tonnes and the domestic consumption is around 5 million tonnes which leaves a surplus of 1.5 million tonnes that could be exported, he said.