January 8, 2009

India's export of soymeal jumped 53 percent in the first nine months of 2008 due to huge demand from overseas.

Total exports jumped to 3.086 million tonnes during the period April to December 2008 as compared to 2.02 million tonnes in the comparable period in 2007.

According to statistics by the Indore-based Soybean Processors' Association (SOPA), shipment of soymeal in December jumped to 6.65 tonnes from 5.52 tonnes in the same period in 2007.

SOPA coordinator and spokesperson Rajesh Agarwal attributed this export rise to the recent government policies which offered incentives to exporters.

Agarwal said soymeal is sold at competitive price overseas and quality of Indian soymeal is preferred over any other substitutes in global markets.

Agarwal added that shipment is possible within 15 to 20 days internationally from India compared to 40 to 45 days from North America.

Thailand, Singapore, Vietnam, Japan, Korea, Indonesia and China are major destinations for Indian soymeal exports during the year 2008-09.

India's export to Thailand increased 261.31 percent while shipment to Singapore surged 116.44 percent, Vietnam 102.65 percent, Japan 99.56 percent, Korea 92.56 percent, Indonesia 86.51 percent and to China 63.01 percent.

Exports of soymeal from October to December were 14.22 tonnes as against 12.53 tonnes, registering a growth of 13.44 percent over the same period in 2007.