Soybean Meal Exports Plummet Amidst West Asia Conflict and High Prices

India's soybean meal exports experienced a significant drop of 63% in March due to high prices and the ongoing conflict in West Asia. Despite low exports, domestic consumption rose, indicating a steady demand from the local animal feed industry. The situation highlights challenges for Indian exporters in global trade.

India has witnessed a dramatic 63% decline in soybean meal exports, with figures falling to just 60,000 tonnes in March, according to recent data from the Soybean Processors Association of India (SOPA). The reduction is attributed to elevated prices and geopolitical tensions in West Asia.

High domestic soybean meal prices compared to major exporters like the U.S., Brazil, and Argentina, coupled with supply chain disruptions due to the conflict involving the U.S., Israel, and Iran, have severely impacted Indian exports to countries such as Iran, the UAE, Kuwait, and Oman.

Despite these challenges, domestic demand remained robust, with local consumption rising to six lakh tonnes, up from five lakh tonnes in March of the previous year. This suggests strong support from the Indian animal feed industry even as exporters face hurdles.

(With inputs from agencies.)