India's soymeal exports have shown a positive trend, particularly during the off-season months when soybean arrivals typically decrease. Between April and October 2024, India exported 10.23 lakh tonnes of soymeal, a significant increase compared to 6.74 lakh tonnes during the same period in 2023. This boost in export volumes, despite the off-season, is notable for the increase of around 2.5 lakh tonnes over the previous year.
The export data reveals steady shipments throughout the year, with April seeing 2.00 lakh tonnes of soymeal exported, followed by 1.45 lakh tonnes in May, 1.52 lakh tonnes in June, 1.95 lakh tonnes in July, and 1.57 lakh tonnes in August. In September, exports slowed to 60,000 tonnes, but picked up again in October, reaching 1.14 lakh tonnes.
Several factors are driving this positive export performance. First, the new soybean arrivals have been strong, and the wholesale prices of soybeans are reportedly below the government's support price. This allows Indian soymeal to be competitively priced in international markets, especially in neighboring countries and Southeast Asia, which are major importers of soymeal.
The total export volume for FY 2023-24 is expected to exceed 21 lakh tonnes, up from 10.22 lakh tonnes in FY 2022-23 and significantly higher than in previous years. This increase in exports aligns with India's growing production capacity and competitive pricing.
The Union Agriculture Ministry has estimated an increase in domestic soybean production for the year, forecasting a rise of 3 lakh tonnes to 133.6 lakh tonnes, up from 130.6 lakh tonnes last year.
Despite the rising domestic production, the export offer price of soymeal has declined, from $521 per tonne in October 2023 to $429 per tonne in October 2024, which further enhances its competitiveness on the global stage. Given these favorable conditions, soymeal exports are expected to remain robust in the coming months.
This performance reflects India's growing presence in the global soymeal market, driven by favorable price conditions, strong production, and increasing demand from neighboring regions.