India's soybean imports to drop in 2022-23 on higher domestic output

India's soybean import is estimated to decline by 9.90 per cent to 5 lakh tonnes in the ongoing 2022-23 oil year (October-September), as against 5.55 lakh tonnes in the previous year, on higher domestic supplies, industry body SOPA said on Monday.

Similarly, import of soybean meal -- an animal feed -- is also expected to decline substantially to 4,000 tonnes from 6.45 lakh tonnes in the said period, it said.

Oil year runs from October to September.

Releasing the estimates, the Soybean Processors Association of India (SOPA) said domestic production is pegged at 124.11 lakh tonnes during the 2022-23 oil year, as against 118.89 lakh tonnes in the previous year.

The carry over stock is estimated higher at 25.15 lakh tonnes, as against 1.83 lakh tonnes in the said period.

As a result, total import of soybean and soybean meal is projected to be lower this year.

However, export of soybean meal is likely to increase substantially to 17 lakh tonnes in 2022-23, from 6.44 lakh tonnes in the previous year. Already 14.53 lakh tonnes have been exported during the October-May period of the 2022-23 oil year.

As on June 1, soybean stock with traders and farmers stood at 59.58 lakh tonnes.