India's soybean meal (soybean khali) exports rose nearly three times to 2.68 lakh tonnes during December last year on higher demand in the global market, SOPA said on Monday.
In December 2019, soybean meal exports stood at 90,000 tonnes, as per data released by Indore-based Soybean Processors Association of India (SOPA).
France (43,257 tonnes) and Iran (41,500 tonnes) were among the biggest importers of Indian soybean meal in December, the data showed.
The leftover product after extracting soybean oil is called soybean meal.
India's soybean meal exports grew two-and-a-half times to 5.99 lakh tonnes during the first quarter of current oil marketing year (October 2020-September 2021).
During the previous oil marketing year, 2.36 lakh tonnes of soybean meal was exported from the country during October-December.
"Indian soybean meal prices are competitive against this product from the US, Brazil and Argentina. This is increasing India's soya khali exports and we are looking forward to regaining our lost market," SOPA Chairman Davish Jain told PTI.
"Soybean production is expected to decline this time in Brazil and Argentina due to unfavourable weather in the South American continent. This has created a huge opportunity for Indian soybean meal exporters to increase business," he added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.