Soyameal exports jump nearly four-fold to 1.94 LT in Oct

Soyameal exports have jumped nearly four-fold at 1.94 lakh tonnes (LT) in October as crushing operations of soyabean started early in the current marketing year, according to industry data.

"Exports of Soybean meal during October 2013 was 1.94 lakh tonnes as compared to 0.51 lakh tons in October 2012 showing an increase of 280.4%," Soyabean Processors' Association of India (SOPA) said in a statement.

When contacted, SOPA spokesperson and co-ordinator Rajesh Agrawal attributed the sharp jump in soyameal exports to early start of crushing operations in 2013-14 marketing year that started last month.

Although marketing year starts from October, the crushing operations pick up from November and hence, the exports in October are generally low.

Japan was the major importer last month with a quantity of 1.04 LT, followed by Iran at 33,035 tonnes.

India exported 34.73 LT of soyameal in 2012-13 marketing year (October-September).

On a financial year basis, soyameal exports rose by 21% during April 2013 to October 2013 is 10.71 LT as compared to 8.88 LT in the same period of previous year.