Thanks to a high premium for India’s soyameal in global markets, India’s export of this commodity is expected to go beyond 45 lakh tonnes this season .
India has so far exported 40 lakh tonnes from October 2007 to May 2008 whereas the total exports in the 2006-07 season was just 35.20 lakh tonnes.
In value terms, the exports till May stood at Rs 5917 cr as against the Rs 3619 cr during the entire season in 2006-07.
Indian soyameal is fetching a premium price in international markets according to Indore-based Soya Bean Processors Association of India.
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.
Production of the crop is moving in tandem with the increased export demand. 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.
Monday, June 23, 2008
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