India’s soymeal exports to Iran could jump to 450,000 tons during the 2018/19 fiscal year ending in March, up from just 22,910 tons during the previous fiscal year, Mehta said, Reuters reported.
According to him, the exports could rise to 500,000 tons during the next fiscal year if the growing demand remains in the coming months, he added.
India’s soymeal sales to Iran are set to spike as the oil producer uses the rupees it receives for its crude exports to cover its animal feed demand.
Iran has agreed to sell crude oil to India, the world’s third-largest oil consumer, in exchange for rupees after the United States reimposed sanctions on its financial sector.
Iran could use the opportunity to meet its soybean demand from India, as the oil-rich country does not produce enough of the protein-rich soymeal domestically.
India is one of the main soybean producers in the world.
India’s soymeal exports could jump 35 percent in the 2018/19 fiscal year to 1.6 million tons.
MR/PR