Pakistan, traditionally a soymeal importer, has started soymeal exports after importing large volumes of soybeans in recent months, European traders said on Monday. "An initial sale of Pakistani-produced soymeal has been made to Sri Lanka," one European trader said. "Pakistan is now in the market to export up to 50,000 tonnes of soymeal."
Pakistan has been a major buyer of soybeans this year as import duties and local sales taxes have made soybean imports for local crushing more attractive than soymeal imports, used for animal feed. Oilseed processors in Pakistan are also increasing soybean crushings to replace rapeseed/canola, traders say.
"The soymeal offered for export is being produced from soybeans imported for crushing from the United States, Brazil and Argentina," a trader said. "Rising imports of soybeans have created a surplus of soymeal and Pakistan looks like becoming a new player in the soymeal export market." Oilseeds are crushed to produce edible oil and the by-product animal feed meal.
Soybeans are primarily imported by Pakistan for vegetable oil production. But when crushed, soybeans have a larger yield of meal than rapeseed/canola. Trade estimates are for Pakistan's soybean imports to rise to over 1.5 million tonnes in the 2015/16 season, from 450,000 tonnes in the 2014/15 season. Rapeseed/canola is still being imported by Pakistan but in reduced volumes, traders said.
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