October 10, 2013

India's 2012-13 soymeal exports to Iran soar 85%

Amid trade sanctions from the US, India's soymeal exports to Iran rose 85% to 96,400 tonnes during marketing year 2012-13.

According to figures of Soybean Processors Association (SOPA), India's shipments to Iran during last year stood at 52,200 tonnes.

"There has been a surge in the shipments to Iran after trade restrictions were imposed by the US," SOPA spokesperson Rajesh Agrawal said.

Agrawal added that transaction between both countries in Indian rupee is another factor which pushed exports to the West Asian nation.

Iran has become the largest importer of soymeal from India in the marketing year ended last month.

In September this year, export of soymeal used as animal feed has increased sharply to 17,300 tonnes from 2,864 tonnes in the same month last year. However, the total exports of soymeal have decreased by 4% to 347,300 tonnes during the 2012-13 marketing year (October-September) from 362,300 tonnes in the previous year due to lower availability of soy for crushing.

Japan, France, Thailand, Vietnam, Indonesia and Korea are the other major destinations for Indian soymeal exports.