Soybean Import Increased to 7.7 Percent

Soybean Import Increased to 7.7pc

According to the United States Department of Agriculture (USDA), soybean import rate in Bangladesh is expected to increase by 7.7% annually to 28 lakh tonnes, amounting to 7750,000 tonnes in the 2022-23 marketing year starting from October this year where the total import of the current year was 750,000 tonnes. 

At the same time, the import of soybean meals is also expected to increase to 400,000 tonnes this year. In the meantime, the import of palm oil is also projected to increase by 6% to 14.3 lakh tonnes and 2.9 lakh tonnes of oilseeds will be crushed.

In 2022-23 soybean production is projected at 39.47 crore tonnes globally, up by 13% from the previous year. Brazil and United States are the record producers of the oilseed. Soybean oil and meal consumption is forecasted to rise by 2% and 3% globally in 2022-23. According to the report, domestic consumption of soybean oil will increase by 2.71% annually to 13.25 lakh tonnes. 

According to the USDA report, this month, Indonesian palm oil exports fell by 30 lakh tonnes, to 2.50 crore tonnes, a 12-year low. Due to Indonesia’s poor export rate in the first half of the marketing year 2021-22 and different palm oil export rules in place starting November 2021, the prediction has been lowered.

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