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Indian soybean meal export dips to 5.73 lakh tons

10 Jul 2020 11:36 pm
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Mumbai (commodities control) - The soybean meal's export from the country this year has declined by 13.84 lakh tons to 5.73 lakh tons. As against export of 19.57 lakh tons during the period September 2018 to June 2019, the export of soy meal from the country during October 2019 to June 2020 has declined to 5.73 lakh tons.

Releasing supply and demand report of soybean and soy meal in the country from October 2019 to September 2020, the Indore based Soybean Processors Association of India's Executive Director Dr DN Pathak here on Friday said that export of soy meal in the country during June 2020 was recorded at merely 0.60 kah tons against 0.72 lakh tons during the same period last year. Similarly, total export of soymeal in May, April and March this year stood at 1.48 lakh tons against 5.04 lakh tons during the same period last year.

As per SOPA's latest s&d report released on Friday, production of soy meal in the country from October 2019 to June 2020 declined to 42.15 lakh tons against 60.75 lakh tons during the same period last year. SOPA chairman Dr Davish Jain attributed declining export in soymeal to the global economic slowdown, nationwide lockdown and sharp decline in demand from poultry industries on account of COVID-19 pandemic. According to report, the arrival of soybean in the country from October 2019 to June 2020 declined to 67.45 lakh tons against 89.25 lakh tons during the same period last year, while the crushing of soybean in the country declined from 75 lakh tons during October 2018 to June 2019 to 55.70 lakh tons during October 2019 to June 2020.

According to SOPA chairman, higher prices of Indian soymeal in the international market is another prime reason for its falling export. We need to make soymeal prices competitive so as to sustain in the international market and for this, SOPA has been raising it's demands before the compitant authorities, Dr Jain added.


       
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