India has turned to Nigeria and other African countries for soybean imports after soaring domestic prices forced Indian traders to cancel soymeal export contracts for the first time since 2021.
Local media reports stated that Indian traders cancelled about 25,000 metric tonnes of soymeal export contracts and secured about 80,000 metric tonnes of soybean imports from African countries following a sharp rise in local prices.
The reports added that the development is expected to create export opportunities for Nigeria and other African countries producing non-genetically modified, non-GM soybeans, which India permits for import.
Quoting the report from Reuters, the local media stated India’s soybean purchases are allowing African exporters to sell the commodity at a premium above global benchmark prices.
The reports disclosed that the Founder of agricultural goods exporter Suraj Impex, Vinod Jain, said that India was no longer receiving fresh soymeal export orders because of elevated prices and that the situation had prompted traders to increase soybean imports from African countries.
He projected that India’s soybean imports could rise to a record 800,000 metric tonnes by September 2026, compared to just about 2,000 metric tonnes imported in the previous year, according to data compiled by the Soybean Processors Association of India.
India only permits imports of non-GM soybeans, limiting sourcing options to a few African countries including Nigeria, Benin, Niger and Togo.
GIK/APA