Exports of soybean meal from India will grow while imports of vegetable oil may decrease

Published 2023년 2월 16일

Tridge summary

India is experiencing a surge in soybean meal exports due to drought in Argentina, which has led to a drop in production and increased prices in South America. As a result, Indian soybean meal has become more competitive, and exports for the first four months of the 2022/23 marketing year have risen by 65% to 631,000 tons. This trend is expected to continue until mid-April, potentially reducing the need for soybean and palm oil imports. Indian soybean meal is cheaper and offers transport cost savings for countries such as Bangladesh, Vietnam, and Nepal.

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Original content

Soybean meal exports from India are rising sharply as drought hit production in Argentina's biggest exporter, with 500,000 tons likely to ship from the South Asian country in February and March, the three exporters said. A drop in production in Argentina pushed up the prices of South American producers, making Indian soybean meal more competitive. India's exports for the first four months of the 2022/23 marketing year, which began on October 1, rose by 65% to 631,000 tons, almost in line with the 644,000 tons exported in the entire previous year, according to the trade body Indian Soybean Processors Association (SOPA) . “Exports have gained momentum and will stay there until at least mid-April,” Hemant Bansal, vice president of oilseed processing and processing at Patanjali Foods Ltd told PAFO.NS. A revival in animal feed exports has boosted India's soybean processing and soybean oil availability, exporters said, which could reduce the need for soybean and palm oil imports by the ...

Source: Oilworld