India predicted to go from soybean exporter to imported by 2015
India is currently the world's fith largest soybean producer contributing about 5% to global output, but according to the United Soybean Board they could become a net importer by 2015.
According to Jim Call, international marketing chairman of producers' lobby group, United Soybean Board, India’s population growth, economy growth and more people moving into the middle class, plus production being limited as far as their landbase will result in India having to import soybeans. Which will be a first for India. He believes it could begin at soon as 2015.
India's domestic demand driven economy grew 7.7% in the AprilJune period, its weakest pace in six quarters, but outperformed even gloomier predictions. India's soybean output in 2011/12 is likely to rise 10.5% to 10.5 million tonnes as farmers plant a larger area with the crop and rains are adequate, a senior industry official said last month.
The country is likely to export 4.1 million tonnes of soymeal in the current crop year ending in September, sharply higher than 2.2 million tonnes a year ago.
India currently exports to Asia. Indian soymeal is preferred by Asian buyers over Latin American supplies as it is comes from nongenetically modified soybean. Plus the geographical proximity makes Indian soymeal less expensive for the Asianimporters.
But if India stops exporting to Asia that opens up not only the Asian market but other markets too.
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