Soyameal exports are likely to double this month to about 550,000 tonnes on higher demand from overseas, according to industry estimates.
India exported 274,000 tonnes of soyameal in January last year.
"We estimate soyameal export at about 550,000 tonnes in January. There is good demand from overseas," Soyabean Processors' Association of India (SOPA) spokesperson Rajesh Agrawal said.
He noted that currently exports are taking place at $410 per tonne.
Agrawal said the exports would reach to 1.9-2 million during the first four months of the 2010-11 marketing year, which started in October 2010.
During the first quarter of current oil year, exports have increased by 74 per cent to 1.47 million tonnes as against 841,000 tonnes in the year-ago period. China, Indonesia, Japan and Vietnam are the major importers of Indian soyameal.
Overall, Agrawal said the country's soyameal exports are pegged at 35 lakh tonnes in 2010-11 as against 2.35 million tonnes in the previous oil year.
"Exports in coming months would depend on the domestic consumption, which have risen by 10 per cent, and export parity," he said.
Agrawal pointed out that at current domestic rate of soyabean of Rs 25,000 per tonne, there was no export parity as the processors are currently exporting at about Rs 19,000 per tonne.
This is possible as processors had purchased stocks when soyabean prices were lower, he added.
India is estimated to have harvested in 2010-11 crop year at 10.12 million tonnes as compared with 9.72 million tonnes in the previous year.
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