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The country's edible oil refiners are seeking to export soybean meal, as local production has exceeded domestic demand by more than twice, creating a significant surplus, according to industry sources.
The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association (BVORVMA) has formally requested the Ministry of Commerce to direct the Bangladesh Embassy in Beijing to assist in facilitating exports of this animal feed ingredient to China.
"We have received a proposal regarding the export of soybean meal and rapeseed cake. The matter is currently under review," said a senior commerce ministry official.
Several domestic crushing mills, including City Seed Crushing, Meghna Seed Crushing, Delta Seed Crushing, Rupshi Seed Crushing, and Globe Seed Crushing Industries, import soybeans and rapeseed to produce soybean cake and rapeseed cake. These by-products are primarily used as feed for ducks, chickens, poultry, cattle, and fish.
According to the association, the sector has the capacity to produce around 17,000 tonnes of soya and rapeseed cake annually, while local demand stands at just 6,000 tonnes.
The surplus -- estimated to be more than double domestic requirements -- could be tapped for exports, generating significant foreign exchange earnings.
"We hope to export around 4 million tonnes of soya and rapeseed cake per year," said an association source.
One refiner pointed out that now is an opportune time for exports of soybean meal and rapeseed cake. That's why the association urged the commerce ministry to take the necessary steps in this regard, he added.
Industry insiders noted that global demand for animal feed ingredients is currently strong, with Bangladeshi soybean products seeing interest from China, Nepal, Cambodia, India, and Thailand, according to minutes from a recent commerce ministry meeting.
The country's annual domestic demand for soybean meal is estimated between 2.1 million and 3.0 million tonnes.
Source: Online/OFA
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