Indore, Feb 10 (PTI) India's soybean meal exports rose nearly six-folds to 3.36 lakh tonnes during January this year on higher demand in the global market, an industry body said on Wednesday.

In January 2020, soybean meal exports stood at 58,000 tonnes, said D N Pathak, the executive director of Indore-based Soybean Processors Association of India (SOPA).

Pathak also stated that Indonesia (79,375 tonnes), France (70,500 tonnes) and Germany (48,765 tonnes) were among the largest importers of Indian soybean meal in January this year. The leftover product after extracting soybean oil is called soybean meal.

Pathak said that Indian soybean meal prices are competitive against this product from the US, Brazil and Argentina. This is increasing India's soymeal exports.

He expressed hope that India's soybean meal exports could double to 18 lakh tonnes in the current oil marketing year (October 2020-September 2021).

In the last oil marketing year, 8.62 lakh tonnes of soybean meal were exported from the country.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)