Soymeal exports cross Rs 3,000 cr in 4 months

India's soymeal exports, the largest in Asia, have breached the Rs 3,000-crore mark till January even as the global economic crisis threatens to dent demand for the key animal feed, according to an industry estimate.

“The export of soymeal between October and January 2009 touched Rs 3,066.33 crore while, in volume terms, the shipment reached 1.97 million tonnes during the period,” according to the data available with Indore-based Soybean Processors Association of India (SOPA). India exported 4.88 million tonnes of the animal feed worth Rs 7,332 crore in 2007-08.

An industry official said though the economic meltdown has impacted demand, India was able to turn the tide in its favour in the beginning of the season, starting October, to some extent due to its proximity with certain importing countries. However, with the global crisis deepening further, India’s soymeal exports in January declined by 23 per cent to 555,000 tonnes.