India's soybean exports are expected to hit due to lack of export incentives

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Mumbai, Ta. November 14, 2019, Thursday

India's soybean exports are expected to be around 1 lakh tonnes in Oil Year 1-3, which will be 2.5 lakh tonnes less than last year's 1.8 lakh tonnes, according to data from the Soybean Processors Association of India (SOPA). SOPA sources said there is a possibility of a drastic drop in exports.

Export order bookings have been hit due to the low crop of soybean and the ongoing ambiguity in the context of incentives under the MEIS scheme.

The Directorate General of Foreign Trade has withheld a seven per cent MEIS gain on export of soybean oil from 1st August, and has been deactivated on the portal to issue such claims. Exporters are facing huge losses due to this, SOPA had earlier said.

Soybean production is projected to decline by about 20 per cent in the current year, which will have an impact on soybean exports, sources added. A letter has been written to the government on behalf of SOPA to resume export promotion but no decision has been taken.

In October this year, the export of soymeal was 50,000 tonnes, which was 5.5 lakh tonnes in October last year. The production of soybean this year is expected to be 5.5 lakh tonnes against last year's 1.8 lakh tonnes. In some parts of the country adverse effects of rainfall are affecting production.

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