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India's soyameal exports witness a remarkable 14% surge during the October-March period of 2023-24, reaching 13.47 lakh tonnes, fueled by burgeoning demand from key Asian markets. The Soyabean Processors Association of India (SOPA) projects exports to hit 18 lakh tonnes for the entire oil year, highlighting the country's robust agricultural export prowess amidst global demand dynamics.

Soyameal Exports Surge: India's soyameal exports witnessed a significant increase of 14% during the October-March period of the 2023-24 oil year, reaching 13.47 lakh tonnes compared to 11.79 lakh tonnes in the same period last year.

Strong Demand from Asian Countries: The surge in exports was driven by robust demand from Asian countries, with Iran, UAE, Bangladesh, and Nepal being the top destinations for Indian soyameal.

Export Projection: The Soyabean Processors Association of India (SOPA) forecasts soyameal exports for the entire oil year to reach around 18 lakh tonnes.

Production and Offtake Trends: Soyameal production during the first six months increased to 53.16 lakh tonnes, while offtake from the domestic feed sector slightly decreased to 35 lakh tonnes. Similarly, offtake from the food sector also saw a decline.

Soyabean Crushing and Stock Levels: Soyabean crushing in the first six months rose to 67.50 lakh tonnes, with stocks estimated to be 64.83 lakh tonnes as of April 1, 2024, slightly lower compared to the previous year.

Stable Market Arrivals and Crop Size Estimate: Market arrivals of soyabean remained stable, and SOPA estimates the crop size for the 2023-24 season to be 118.74 lakh tonnes.

Conclusion

The substantial increase in soyameal exports underscores India's pivotal role in meeting the burgeoning demand for agricultural products in Asian markets. With SOPA's optimistic projection of 18 lakh tonnes, India's soyameal industry is poised for further growth, leveraging its competitive advantage and supply chain resilience. However, amidst these successes, maintaining a balance between domestic consumption and export commitments remains crucial to ensure food security and stability in the domestic market. This upward trajectory in exports also signifies the resilience and adaptability of India's agricultural sector in navigating global market fluctuations and capitalizing on emerging opportunities. As India continues to strengthen its position as a key player in the global agricultural landscape, sustainable practices and strategic investments will be imperative to sustain this momentum and drive inclusive growth across the sector.

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