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India is trying to regain lost SE Asia soyameal market

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PUNE: India is seeking to promote export of soyabean meal to East and Southeast Asian countries. A delegation of soyabean processors and government representatives will visit Japan and Vietnam this week.

Export of soyameal had declined to 400,000 tonnes in 2015-16, but over the past three years it has tripled, while overall meal export doubled during this period.

“We are keen to increase export of soyabean meal to East and South East Asian countries. Countries like Vietnam, Indonesia, Philippines and Thailand require smaller quantities in small-sized vessels, which are not available in the Western world,” said Davish Jain, president of Soyabean Processors Association of India (SOPA). “Whereas we can fulfil this requirement. At one time, we used to export 1.5 million tonnes of soyameal to Japan.”

On July 13, the Centre had increased the export incentives given to soyameal by raising the Merchandise Export from India Scheme (MEIS) benefits from 7per cent to 10per cent. It is to be effective till March 31, 2019. However, the industry has demanded that the MEIS benefit given to export of other oil meals should also be increased to 10 per cent from 5 per cent at present.

With farmers increasing area under oilseed crop by 10per cent in the 2018-19 kharif season, getting the government-assured minimum support price (MSP) in the open market depends upon the growth of oilmeal exports and reduction in import of edible oils, along with other international factors.

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