Bangladesh’s soybean import to rise 7.7% in FY23: USDA

Bangladesh's soybean import is projected to rise by 7.7 per cent year-on-year to 28 lakh tonnes in 2022-23 fiscal year, according to a report of the United States Department of Agriculture (USDA).

Moreover, the import of soybean meal and oil will see a slight fall the next fiscal year thanks to a rise in supply and crush of soybean seeds in Bangladesh, according to the report titled "Oilseeds: World Markets and Trade".

In FY23, around 775,000 tonnes of soybean oil will be imported, which was 750,000 tonnes the current year.

And soybean meal imports are also projected to rise slightly to 400,000 tonnes by this time.

Riding on the increased soybean import, around 29 lakh tonnes of oilseeds will be crushed the upcoming fiscal year, which will be 5.5 per cent more than that of the current year.

The domestic consumption of soybean oil will also rise by 2.71 per cent year-on-year to 13.25 lakh tonnes, according to the report.

Meanwhile, the import of palm oil is forecast to rise by 6 per cent to 14.3 lakh tonnes in 2022-23.