Can soybean become a bridge for new trade relationship between India and Thailand???

According to the data released by Soybean Processors Association of India (SOPA), around 101.83 lakh tonnes of soybean produced in India is available for crushing, direct use and exports. In May 2019, soybean meal exports dropped to 38000 tonne as compared to 75,265 tons in April 2019.

Thailand imports nearly 3 million metric tons of soybeans each year and 2.5 million metric tons of soybean meal. Full fat meal is produced when soybean oil is extruded from the soybean instead of being removed by chemical process and Thailand is largest Southeast Asian country producing full fat soybean meal. Thailand produces about 800,000 metric tons of full fat meal on annual basis.

There can be a great potential of soybean export which India can take advantage of by finding the ways and forms in which soybean can be exported from India toThailand.At present India , in year 2019-2020 in total soybean meal production in India is 6,400 million metric tons.

Export of soybean (HS 120190) increased from 180797 tons during 2016-17 to 240982 tons during ten months of financial year 2017-18. About 58 per cent of soybean was exported from India to USA, 25 per cent to Canada and 6 per cent to Belgium.

Instead of exporting soybean in primary form, as stated earlier according to soybean meal demand India can export soybean meal to Thailand after judging the exact demand of soybean meal.

By: Shubhi Bakshi and
Akash Kurapa

References:

Thailand: An Up and Coming Power. U.S. Soy. (2020). Retrieved 23 March 2020, from https://ussoy.org/thailand-an-up-and-coming-power/.

Thailand: An Up and Coming Power. U.S. Soy. (2020).

Retrieved 23 March 2020, from https://ussoy.org/thailand-an-up-and-coming-power/.

World Soymeal Production | SOPA. Sopa.org. (2020). Retrieved 23 March 2020, from http://www.sopa.org/statistics/world-soymeal-production/.

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