India’s export of soybean meal and its other value-added products in August is 0.50 lakh tonne compared to 0.27 lakh tonne in August last year, showing an increase of 86% over the same period last year, data collected by the Soybean Processors Association of India (SOPA) said. On a financial year basis, the exports during April-August 2017 is 5.57 lakh tonne compared to 1.47 lakh tonne in the same period previous year, showing an increase of 280%. During the current oil year, (October – September), total exports during October 2016 to August 2017 is 17.35 lakh tonne against 3.75 lakh tonne during the same period last year, registering an increase of 362.13%.
The country’s export of oilmeals during August 2017 has been reported at 139,568 tonne compared to 71,879 tonne in the same month last year – up 94%. The overall export of oilmeals during April – August 2017 provisionally reported at 864,818 tonne compared to 485,220 tonne during the same period last year – up 78%, the Solvent Extractors Association of India (SEAI) has said. “In the last three months, the export of oilmeals improved compared to the previous year, thanks to good monsoon, better oilseeds production, and price parity. In percentage terms, export showing improvement but still it is lower compared to earlier years,” said BV Mehta, executive director, SEAI.
The country faced drought years during 2014-15 and 2015-16, which led to a lower production of oilseeds and lower exports. However, with good monsoon last year, exports revived to some extent, he said. Interestingly, the soybean sector was a net foreign exchange earner till a few years ago with exports of meal exceeding imports of oil.