India to export 300,000 tons of soyameal to Lanka

Exports of soyameal from India to Sri Lanka are expected to touch 300,000 tons this year, a local importers body said here on Thursday.

Sri Lankan traders have preferred Indian soyameal even though it costs an estimated 300 dollars a tonne free-on-board as against 235 dollars a tonne available from Argentina.

“We have already received 50,000 tons of soyabean meal from India during the two months ending October and a similar quantity will reach by December from the Indian shores,” K Palaniandy, President of Old Moor Street Traders Association that undertakes large imports from India, told PTI here.

He said the proximity of Sri Lanka from Chennai or Tuticorin ports are factors that weigh in favour of importing soyameal from India rather from other countries.

Besides proximity, Indian soyameal is also said to contain 3-4 per cent higher protein, he said. “The Indian soyabean meal is highly acceptable here,” Palaniandy said, adding that in all, a quantity of 3 lakh tons of soyameal is expected to be imported during 2007 from India.

According to analysts, increase in freight costs and lower output of soyabean in the US and China, the leading producers, may provide Indian soyameal exports an advantage.

India is expected to produce over 8.7 million tons of soyabean this year, 15 per cent higher than the production last year. Soyabean consists of 82 per cent meal and 18 per cent oil. China is projected to produce 14.5 million tons (MT) this year, compared with 16.2 MT last year. PTI