India's Soyameal Exports Up 64 Per Cent - June 23, 2008

India's soyameal exports for the first eight months of this season has gone up by a significant 64 per cent in terms of value compared to the total shipment value for the entire 2006-07, according to industry data available. India's soyameal exports for the period ending May stood at Rs 5,917 crore against Rs 3,619 crore in the entire 2006-07 season, says the data compiled by Indore-based Soyabean Processors Association of India (SOPA). Soyabean season runs from October to September,

In terms of quantity, the country has exported 40.80 lakh tons during October-May 2008. The total soyameal export in 2006-07 season stood at 35.20 lakh tons. In the current season the shipment is expected to cross 45 lakh tons as demand for Indian soyameal is still good in the overseas markets, SOPA coordinator Rajesh Agarwal said. Indian soyameal is fetching high price in the global markets. The commodity was shipped at an average price of 420 dollars last month against 350 dollars in October 2007, beginning of the current season. In 2006-07 season, traders exported soyameal, a major animal feed, in the range of USD 204-305. Higher exports are driven an increase in output as well. According to the government's third advance estimate, soyabean production is estimated at record 94.3 lakh tons in 2007-08 season. Vietnam and Japan have emerged as the key markets for Indian soyameal during the current season. Exports to Vietnam stood at 10.46 lakh tons, a rise of over 43 per cent, while shipments to Japan have increased by over 71 per cent to 6.99 lakh tons.