With higher demand in the global market, Soybean Processors Association of India (SOPA) in its latest data has showed that soybean meal (soybean khali) exports of India jumped nearly three times to 2.68 lakh tonnes during December 2020 as compared to soybean meal exports of 90,000 tonnes in December 2019.
As per data, France (43,257 tonnes) and Iran (41,500 tonnes) were among the biggest importers of Indian soybean meal in December. 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.
SOPA Chairman Davish Jain said ‘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’. He added ‘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’.