July 11, 2012

India's Q1 soymeal exports up 10%

India's soymeal export during the first quarter of current financial year such as April 2012-June 2012 is 655,868 tonnes as compared to 597,971 tonnes in the same period of last year representing a 9.68% increase.

Export of soymeal during June 2012 was 180,987 tonnes as compared to 117,596 tonnes in June 2011 showing a jump of 53.90% over the last year.

However, exports of soymeal came down during the current oil year, which begins in October and closes in September. October 2011-June 2012 is 3,441,699 tonnes as against 3,595,818 tonnes last year, a decrease by 4.28%.

"It was basically due to the fact that there has been less crushing", said Rajesh Agrawal, spokesperson & coordinator, the Soy Processors Association (SOPA) of India. Even though there continues to be the demand contraction in export due to the increase in price of the soymeal as the per tonne rates have gone up to INR36,000 (US$650) from INR20,000 (US$361) demand was not much.

The data has been collected and compiled by SOPA based on the information received from the members, port authorities and other agencies. The data does not include exports to Pakistan, Nepal and Bangladesh by rail or road, said Agrawal.