India’s soybean meal (soybean khali) exports rose nearly three times to 2.68 lakh tonnes during December last year on higher demand in the global market, SOPA said on Monday.
In December 2019, soybean meal exports stood at 90,000 tonnes, as per data released by Indore-based Soybean Processors Association of India (SOPA).
France (43,257 tonnes) and Iran (41,500 tonnes) were among the biggest importers of Indian soybean meal in December, the data showed.
The leftover product after extracting soybean oil is called soybean meal.
India’s soybean meal exports grew two-and-a-half times to 5.99 lakh tonnes during the first quarter of current oil marketing year (October 2020-September 2021).
During the previous oil marketing year, 2.36 lakh tonnes of soybean meal was exported from the country during October-December.
“Indian soybean meal prices are competitive against this product from the US, Brazil and Argentina. This is increasing India’s soya khali exports and we are looking forward to regaining our lost market,” SOPA Chairman Davish Jain told PTI.
“Soybean production is expected to decline this time in Brazil and Argentina due to unfavourable weather in the South American continent. This has created a huge opportunity for Indian soybean meal exporters to increase business,” he added.