Soymeal Export Tanks 74% During October 2019- May 2020

Mumbai (commodities control) - Falling global demand and economic downturn led by COVID-19 across the globe has resulted in sharp decline of soymeal export in the current oil year.

The export of soymeal from October 2019 to May 2020 has fallen sharply to merely 4.85 lakh tons as against 18.85 lakh tons of soymeal exports last year (October 2018 to May 2019).

Giving a detailed account of demand and supply of soybean and soymeal in the country during 2019-2020, Soybean Processors Association of India (SOPA) Executive Director, Dr. D N Pathak, here on Tuesday, said the current year’s soymeal export has been recorded from October 2019 to February 2020 only as there was no export of soymeal from March 2020 to May 2020 because of the global lockdown caused by COVID-19 pandemic.

Of the various countries, the United States of America accounted for the largest import of soymeal from India at 1.30,529.96 lakh tons from the period October 2019 to February 2020. This was followed by Zambia with 1,20,000.09 lakh tons of soymeal exports, Nepal at 42,051.11 lakh tons, Korea Republic at 33,030.50 lakh tons and Iran with 30,020 lakh tons.

Exports of soybean from the country recorded a drastic fall at 50,000 tons during October 2019 to May 2020 against 1.47 lakh tons of soybean export of soybean from the country during October 2018 to May 2019.

According to SOPA, the total production of soymeal in the country from October 2019 to May 2020 declined to 39.85 lakh tons from 56.30 lakh tons during the same period previous year.

Similarly, production of soybean in the country from October 2019 to September 2020, declined to 93.06 lakh tons from 109.33 lakh tons during the same period previous year.

Crushing of soybean in the country declined from 69.5 lakh tons during October 2018 to May 2019 to 49.20 lakh tons during October 2019-May 2020.

SOPA chairman, Dr. Davish Jain said, "given the prevailing circumstances, the estimated export of soybean for the oil year 2019-2020 has been revised downward from 1.5 lakh tons to 1 lakh tons, while the estimated crushing of soybean during the same period has been revised upward from 69 lakh tons to 70 lakh tons.

On the other hand, estimated export of soymeal has been revised upward from 6 lakh tons to 7 lakh tons during the same period.