DHAKA — Bangladesh and the United States have signed a soybean import deal worth $1 billion under which three of Bangladesh’s largest soybean processors will buy large quantities of U.S. soybeans over the next year.
The agreement has come as a major blow to India, The Hindu newspaper reported.
In a report published Wednesday, Nov. 5, the Indian daily said India’s oil and soymeal exports were already in decline in the 2024-25 fiscal year. The U.S. deal with Bangladesh has now caused deep concern among Indian soymeal exporters, the report said.
Indian sources said the country was at risk of losing one of its largest soymeal export markets. India’s soymeal exports to Bangladesh fell to 163,000 tonnes in the previous fiscal year, down about 46 percent from the year before.
D.N. Pathak, executive director of the Soybean Processors Association of India, said: “Bangladesh is buying large quantities of soybeans from the United States at low prices. As a result, our exports have fallen sharply in the 2024-25 oil year. Bangladesh has signed a massive $1 billion deal, which is a clear signal that Bangladesh will no longer buy this commodity from India. This is a matter of concern for India.”
Earlier, on Tuesday, Nov. 4, the U.S. Embassy in Dhaka said that three top Bangladeshi soybean processors would import $1 billion worth of soybeans from the United States over the next 12 months.
Through the deal, Bangladesh has strengthened ties with the United States in both food security and diplomacy, creating a new equation in South Asia where India has long held singular influence, the report said.
বাংলায় মূল প্রতিবেদন পড়ুন · Read the original Bengali report