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Soyabean meal export more than double in 2022-23.
Nov 29, 2023
Exports of soyabean meal from India in the oil year 2022-23 that ended in September jumped more than double to 18.4 lakh tonne amid a pick up in demand from South East Asian countries, a trade body said in a release issued on Monday.
Bangladesh, Myanmar, Pakistan, Nepal, Kuwait, Iran and the United States of America were the major buyers of Indian origin soyabean meal in the 2022-23oil year.
The oil year runs from October to September.
The country had exported 6.44 lakh tonne soyabean meal in the 2021-22 season.
'Export of soyabean meal from India in the oil year 2022-23 stood at 18.4 lakh tonne, more than double from the last season’s export,' said DN Pathak, executive director, Soybean Processors Association of India (SOPA).
Madhya Pradesh is a leading soyabean producing state contributing over 60 per cent to the national output.
Exports in the new oil year started on a higher note with 1 lakh tonne recorded in October, 2023, the note from the trade body showed. The country had exported 49,000 tonne soyabean meal in October last year.
An exporter from Indore, wishing not to be named said, 'We eye to lock good deals this season because the crop was good barring some quality issues reported in some pockets of the state due to untimely rainfall. Local exporters are trying to lock deals with Iran and other South East Asian countries'.
Myanmar exports to China increasingly difficult due to conflict
Myanmar traders are concerned about the conflict in northern Shan State, forcing them to rely on the Mongla gateway into China. The town is controlled by the NDAA, an ethnic armed group. Border crossings to China have been closed since the anti-junta offensive began. Traders now face a dangerous and lengthy journey to the border, in addition to higher taxes on goods. Border trade has almost entirely halted due to the military coup, with Thailand being the only significant trading partner.
Ukraine needs more air defences to protect grain exports
Ukraine's President Zelenskyy addressed the need for more air defences to protect grain export routes and regions bordering Russia at a food security summit in Kyiv. He highlighted the deficit of air defence, especially after Russia's recent drone attack. Zelenskyy mentioned agreements with foreign partners to supply vessels for convoy security. The European Commission pledged 50 million euros for infrastructure repairs in Ukraine's ports. Zelenskyy expressed hope in solving the air defence shortage through new supplies and increased production capacity. He also discussed the challenges caused by trucker protests at Ukraine's borders.
Russia lifts temporary ban on diesel exports
Russia lifts temporary ban on diesel exports, successful in bringing down rising fuel prices. The ban had roiled global markets. Removal of restrictions follows lifting of suspension on gasoline exports. Russian pump prices surge over the summer, contributing to rise in domestic inflation.
timesofindia.indiatimes.com
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