Soybean exports seen at record 40 lakh tn

The country is set to achieve record soybean exports at 40 lakh tonne for the 2005-06 oil year (October-September) and realise about Rs 3,500 crore on the back of falling domestic consumption and higher export prices. In 2004-05, soybean exports had declined to about 19 lakh tonne.

The production of soybean is also expected to be at a record high of 70 lakh tonne, marginally up from the previous record of 69.3 lakh tonne in 2003-04.

"The average annual domestic consumption of soybean declined about 20 per cent to 16 lakh tonne. In the domestic market, realisation for soybean is Rs 8,200-8,400 a tonne, while exports fetch about Rs 8,700-8,800 a tonne," said Rajesh Agarwal, chairman, Soybean Processors' Association of India.

"We hope to realise about Rs 3,500 crore from the soybean meal exports this year," he added.

This will be the highest level of soybean exports so far by India. In the 2003-04 oil year, the country exported about 36 lakh tonne. About 36.8 lakh tonne was exported till July this year, and "we expect to export about 4 lakh tonne more by September", Agarwal said.

Exports to China grew nearly nine times to about 5.5 lakh tonne this year from a moderate 62,000 tonne last year. Exports to Korea also saw a threefold increase from 1.7 lakh tonne to 5.2 lakh tonne. Besides, there was significant rise in exports to Japan, Vietnam, Indonesia and Thailand in the same period.

"The fall in domestic consumption owing to bird flu-related rumours also led to more exports of soybean meal "� an important food of the poultry industry "� this year." the chairman said.

While India is the fifth-largest producer of soybean, the US "� with 770 lakh tonne "� leads the pack, followed by Brazil and Argentina.

On the loss to soya crop due to heavy rains in Madhya Pradesh "� the largest soya growing state in the country, Agarwal said the exact quantum of damage was not known.