Improved price competitiveness and the shortage of Argentine export supplies have increased foreign demand for Indian soybean meal

India’s oilmeal exports inched up 36 per cent to nearly 290,000 tonnes last month due to increased shipments of soybean and rapeseed meal, according to industry data.

Solvent Extractors’ Association of India (SEA) data indicates that oil meal exports in October increased by 36 per cent YoY, reaching 289,931 tonnes.

Soybean meal exports surged to 87,060 tonnes in October from 40,196 tonnes in the same period last year. During the same period, shipment of rapeseed meal increased to 1,69,422 tonnes from 98,571 tonnes.

Improved price competitiveness and the shortage of Argentine export supplies have increased foreign demand for Indian soybean meal, according to SEA.

Between April and October of this fiscal year, the total export of oilmeals increased by 30 per cent to 2,566,051 tonnes, compared to 1,975,496 tonnes during the same period last year. The export of soybean meal saw a significant jump to 673,910 tonnes in the first seven months of this fiscal year, from 161,534 tonnes in the year-ago period.