India's Soymeal Exports Soar 51% YoY in Feb '24, Competitive Pricing Spurs Growth Despite Rising Competition from Argentina


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India’s Soymeal exports surged by 51% Year-on Year in Feb '2024 to nearly 3.47 Lakh tonnes and remained above the five year average. During Oct '23 to Feb’24 the overall export of soymeal significantly increased by 102% to nearly 13.47 Lakh tonnes as compared to the corresponding year at 6.65 Lakh tonnes and remains above five-year average. This surge was driven by the competitive pricing of Indian soybean meal in the international market. However, as of March 17, 2024, Indian soybean meal Ex-Kandla is priced at US$ 490 per ton, while Argentine soybean meal Fob UpRiver is priced at US$ 392 per ton and spread (soybean meal Ex-Kandla-Argentine soybean meal Fob UpRiver) stands at USD 90/ton indicating strong competition from Argentine origin that may potentially slow down Indian exports.

India is the sixth largest producer and exporter of soymeal in the world and in 2023-24 estimated to export 14-15 Lakh tonnes of soymeal.