The Soybean Processors Association of India's (SOPA) chairman, Davish Jain has said that soymeal export of India is likely to jump as much as 70% in 2018/19 from a year ago, on the back of expected purchases from the world’s biggest soybean buyer China.
Jain said depreciation in the rupee and a jump in soybean output will help India gain market share in China, which is looking for new suppliers after imposing tariffs on key US farm commodities as part of a Sino-US trade row. He added that China's market is huge and it is likely to open for India in the next two-three months.
SOPA chairman further said the additional demand could lift the south Asian country's soymeal exports in the new marketing season starting from October to 2.5 million tonnes to 3 million tonnes from this year's 1.75 million tonnes. Bangladesh, Vietnam and Japan are the key traditional buyers of Indian soymeal.