February 7, 2011

India's soymeal exports increase more than twofold

India's soymeal exports increased more than twofold in January to 576,383 tonnes from 274,240 tonnes the previous year, according to the Soybean Processors Association of India on Friday (Feb 4).

Exports during the first four months of the marketing year that started October 1 surged 82% to 2.04 million tonnes, the trade body said in a statement.

Higher production and lower prices of Indian soymeal have boosted shipments this year. In the last marketing year, soymeal exports fell 27% to 2.35 million tonnes.

India's soy output is expected to rise to 9.4 million tonnes in 2010-11 from 8.5 million tonnes the previous year, according to the Central Organization of Oil Industry and Trade.

India exports soymeal mainly to Japan, China, Vietnam and Indonesia. Soymeal exports in 2010-11 are likely to touch 4 million tonnes, according to industry officials.