In a remarkable uptrend, India witnessed a 110 percent surge in the export of soymeal and value-added soy products during the initial six months of the 2022-23 oil year, commencing in October. This substantial growth was primarily propelled by significant purchases made by Vietnam, as well as India’s neighbouring nations, Nepal and Bangladesh.
The Soyabean Processors Association of India (SOPA) reported that soymeal shipments reached 9.99 lakh tonnes for the October to March period in the 2022-23 oil year, compared to 4.74 lakh tonnes during the same period in the previous year.
The production of soyameal during this period also witnessed a notable increase, reaching 48.59 lakh tonnes, compared to 33.52 lakh tonnes in the previous year. However, a slowdown in crushing was observed in March due to reduced market arrivals of soybeans.
According to DN Pathak, Executive Director of SOPA, the dip in soybean prices led farmers to hold stocks, resulting in lower arrivals in March. Consequently, soybean crushing also experienced a decline. Demand for soybean food products was similarly subdued. Pathak expressed optimism, stating, “We expect to meet or slightly surpass the export target for soybean meal, which stands at 14 lakh tonnes.”
Vietnam emerged as a prominent buyer, procuring over 4.34 lakh tonnes of soyameal, accounting for approximately 43 percent of India’s total shipments. Nepal followed as the second-largest buyer, with Bangladesh also featuring prominently.
The United States, Japan, Sri Lanka, and Thailand were among the other major purchasers of Indian soyameal. SOPA has set an export target of 14 lakh tonnes, a significant increase from the 6.44 lakh tonnes achieved in the previous year.
SOPA’s projections for soybean production during the 2022 kharif season stand at 120.4 lakh tonnes. When considering carry-forward stocks of 25.15 lakh tonnes and anticipated imports of 2 lakh tonnes, the total availability is projected to reach 147.55 lakh tonnes.
Market arrivals of soybeans from October to March increased by 26 percent, reaching 77 lakh tonnes compared to 61 lakh tonnes in the previous year. Import figures for soybeans were lower, standing at 1.57 lakh tonnes compared to 2.48 lakh tonnes in the previous year.