India's Soymeal Exports Surge 110% in H1 2022-23 Fueled by Neighboring Country Purchases

Soymeal and value-added soya product exports increased by 110% for the first half of the English oil year 2022–23, which began in October. This was primarily due to large purchases made by neighboring countries Bangladesh and Nepal as well as Vietnam.

According to the Soybean Processors Association of India (SOPA), shipments of the meal increased from 4.74 lakh tons in the previous period to 9.99 lakh tons between October and March of the oil year 2022–23.

With 48.59 lakh tons produced over time, soya meal production increased (33.52 lakh tons). Crushing, however, slowed down in March due to a decline in soybean market arrivals. "Farmers are retaining stock owing to dropping soybean prices, which is why arrivals in March were significantly fewer than in February.

The crushing of soybeans was also less than anticipated. Food made from soybeans had less demand as well. We anticipate meeting or slightly exceeding the 14 lakh tons export target for soybean meal, according to DN Pathak, Executive Director, SOPA.

Around 4.34 lakh tons (t) of soymeal have been purchased by Vietnam, accounting for almost 43% of all shipments from India. Following Bangladesh as the second-largest buyer was Nepal.

The US, Japan, Sri Lanka, and Thailand are just a few of the countries that purchase a significant amount of Indian soymeal. Compared to the 6.44 It exported last year; 14 lt are the exports that SOPA is aiming for.

According to SOPA, 120.4 It will be produced in soybeans during the 2022 kharif season. The total availability is anticipated to be 147.55 It, including the carry forward stockpiles of 25.15 It and potential imports of 2 liters.

Market arrivals of the bean from October to March increased by 26% to 77 It from 61 It the previous year. Soybean imports are down from 2.48 tons a year ago to 1.57 tons this year.