Exports of soymeal and value-added soya products were up by 110 percent for the first six months of the oil year 2022-23 starting October. This was mainly on account of huge purchases by Vietnam and neighboring Nepal and Bangladesh.
According to Soyabean Processors Association of India (SOPA), shipments of the meal were up at 9.99 lakh tonnes for the October-March period of the oil year 2022-23 against 4.74 lakh tonnes in the year-ago period.
The production of soyameal for the period was higher at 48.59 lakh tonnes (33.52 lakh tonnes). However, due to the dip in market arrivals of soyabean during March, crushing also slowed down.
“Due to falling soyabean prices, farmers are holding stocks due to which, arrivals in March were much lower compared with the previous month. Soyabean crushing was also lower than expected. Demand for soyabean food products was also lower. We expect to achieve or slightly better the export target for soyabean meal which is 14 lakh tonnes,” DN Pathak, Executive Director, SOPA said.
Vietnam-A major buyer
Vietnam has bought over 4.34 lakh tonnes (lt) of soyameal, accounting for about 43 percent of the overall Indian shipments. Nepal was the second largest buyer followed by Bangladesh.
Other large buyers of the Indian soyameal include the US, Japan, Sri Lanka, and Thailand among others. SOPA has targeted exports of 14 lt, higher than 6.44 lt logged in last year.
SOPA has estimated the production of soyabean during 2022 kharif season at 120.4 lt. Including the carry forward stocks of 25.15 lt and likely imports of 2 lt, the total availability is expected to be 147.55 lt.
Market arrivals of the bean during the October-March were up 26 percent at 77 lt against 61 lt a year ago. Imports of soyabean are lower at 1.57 lt compared with 2.48 lt a year ago.
Source: The Business Line